PM E-Drive: Boosting EV Adoption in India

Mahindra & Mahindra and Tata Motors praised the PM E-Drive scheme for promoting electric vehicles in India. Approved by the Union Cabinet, the initiative allocates Rs 14,335 crore for various EV segments, aiming to achieve significant EV penetration and supporting infrastructure development over the next few years.

Home-grown auto majors Mahindra & Mahindra and Tata Motors on Thursday hailed the PM E-Drive scheme, saying it would significantly boost the adoption of electric vehicles across the country.

On September 11, the Union Cabinet sanctioned two schemes with a total outlay of Rs 14,335 crore aimed at promoting the use of electric vehicles, including buses, ambulances, and trucks. The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme has an outlay of Rs 10,900 crore spanning two years. Another scheme, the PM-eBus Sewa-Payment Security Mechanism (PSM), comes with a budget of Rs 3,435 crore.

Mahindra & Mahindra's Managing Director Anish Shah emphasized that the schemes would drive EV penetration by supporting various vehicle categories and infrastructure. Tata Motors Executive Director Girish Wagh noted that the initiatives would accelerate India's move towards zero-emission mobility, particularly in trucks, buses, and ambulances. The plan projects significant benefits, aiding around 24 lakh vehicles and improving EV infrastructure and consumer confidence.

(With inputs from agencies.)