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The new EV subsidy policy remains in effect until March 31, 2026, and it does not provide any incentives for electric or hybrid four-wheel passenger vehicles.
The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) electric vehicle subsidy scheme commences today, October 1, 2024. It supersedes the Faster Adoption and Manufacturing of Electric Vehicles (FAME) policy that concluded in March, as well as the three-month Electric Mobility Promotion Scheme (EMPS), which ended on September 30.
India shifts to PM E-Drive: What is it?
The PM E-Drive scheme is to offer green solutions and promote electric mobility and the installation of electric vehicle public charging stations (EVPCS). The new scheme has an outlay of Rs 10,900 crore over a period of two years and is valid till March 31, 2026. For higher EV penetration, the new policy is focused on e-2Ws, e-3Ws, e-buses and for the first time e-ambulances.
The Ministry of Heavy Industries (MHI) has stated — Subsidies/Demand incentives worth Rs 3,679 crore have been provided to incentivize e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses.
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A new initiative has been introduced by the Government of India in which Rs 500 crore is allocated for the deployment of e-ambulances. Another Rs 500 crore is allotted for e-trucks and the incentive will be provided to those who opt for the scrappage policy with the certificate issued from Ministry of Road Transport & Highways (MoRTH) approved vehicles scrapping centres (RVSF).
PM E-Drive: Subsidy on eBus
The PM E-Drive major chunk of subsidy worth Rs 4,391 crore is allocated for the procurement of 14,028 e-buses to provide green public transportation. Convergence Energy Services Limited will spearhead the procurement of e-buses through the aggregation method in the nine cities with more than 40 lakh population namely Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Surat, Bangalore, Pune and Hyderabad.
PM E-Drive: Expansion of chargers
To create, sustain and expand the EV ecosystem, the PM E-Drive scheme will increase the number of electric vehicle public charging stations (EVPCS). The outlay for EVPCS will be Rs 2,000 crore. The plan is to install EVPCS in cities and on the highways. The scheme proposes the installation of 22,100 fast chargers for e-4 wheelers, 1800 fast chargers for e-buses and 48,400 fast chargers for e-2Ws and e-3Ws.
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