The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme to promote the adoption of electric vehicles and their manufacturing in the country. The scheme will provide incentives for consumers to buy electric vehicles, which will help reduce pollution and carbon emissions and also boost their manufacturing in the country.
The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme lasts two years and has a total outlay of Rs 10,900 crore.
Break up of the outlay.
Out of the Rs 10,900 crore,
The Union Ministry of Heavy Industries will implement the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme.
It is a subsidy scheme where the identified electric vehicle will be sold to the buyers at a subsidised price, and the manufacturer can claim a subsidy for the electric vehicle sold.
The scheme provides demand incentives to create demand for electric e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs.
The Ministry of Heavy Industry will introduce e-vouchers for buyers to avail themselves of the discount under the scheme.
The e-vouchers will be used to buy electric vehicles from the manufacturers, and the government of India will reimburse the manufacturer based on the submitted vouchers.