Ola CEO Bhavish Aggarwal Praises India's New PM E-Drive Scheme

Ola Electric's Bhavish Aggarwal applauds the Union Cabinet's approval of the PM E-Drive scheme, aimed at accelerating electric vehicle adoption in India. The initiative comes with a Rs 10,900 crore outlay and focuses on incentivizing various types of electric vehicles, bolstering India's transition to sustainable mobility.

Bhavish Aggarwal, founder and CEO of Ola Electric Mobility, praised the latest electric mobility incentive scheme approved by the Union Cabinet. Taking to X, Aggarwal described the 'PM E-Drive' scheme as a crucial step to expedite electric vehicle adoption in India.

Aggarwal highlighted that the new incentive scheme will provide significant momentum for the electric vehicle industry, allowing it to scale and mature swiftly. "The scheme will ensure a rapid transition from internal combustion engines to electric vehicles," his post emphasized.

The Union Cabinet's approval of the PM E-Drive scheme aims to promote electric mobility with an outlay of Rs 10,900 crore over two years. The scheme, proposed by the Ministry of Heavy Industries (MHI), includes Rs 3,679 crore in subsidies to encourage the purchase of various electric vehicles, including e-2Ws, e-3Ws, e-ambulances, and e-trucks. Additionally, the scheme is set to support over 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses.

The Ministry of Heavy Industries is also launching e-vouchers for EV buyers, while Rs 500 crore has been earmarked for e-ambulance deployment. The scheme has allocated Rs 4,391 crore for the procurement of 14,028 e-buses, and Rs 500 crore for incentivizing e-trucks. The initiative is part of the government's broader effort to promote environmentally friendly transportation.

Industry leaders, including the Society of Indian Automobile Manufacturers (SIAM) and top auto companies, have hailed the scheme. Shailesh Chandra, President of SIAM, emphasized that the initiative reflects the government's dedication to fostering electric mobility and enhancing India's role in global environmental sustainability. Similarly, Mahindra Group CEO Anish Shah commended the comprehensive nature of the PM E-Drive scheme, noting its potential to significantly boost EV adoption in the country.

(With inputs from agencies.)