EV Subsidy Scheme: Cabinet Approves PM E-DRIVE With An Outlay Of INR 10,900 Cr

EV Subsidy Scheme: Cabinet Approves PM E-DRIVE With An Outlay Of INR 10,900 Cr

SUMMARY

PM E-DRIVE, which will effectively replace the FAME scheme, will have an outlay of INR 10,900 Cr for a period of two years

It will provide subsidies and demand incentives worth INR 3,679 Cr for electric two-wheelers, three-wheelers, ambulances, trucks and other emerging EVs

Under the scheme, the Ministry of Heavy Industries will launch e-vouchers for EV buyers to avail demand incentives

After months of speculations over the Centre’s plans for the launch of the third iteration of the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme, the union cabinet has approved ‘PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme’ for the promotion of electric vehicles in the country. 

PM E-DRIVE, which will effectively replace the FAME scheme, will have an outlay of INR 10,900 Cr for a period of two years. It is pertinent to note that this is higher than the INR 10,000 Cr initial outlay of the FAME- II scheme.  

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