PM E-Drive: Government will give subsidy on buying EV, PM E-Drive scheme worth Rs 10900 crore implemented from October 1, notification issued

PM E-DRIVE Update: In the first year of implementation of PM e-Drive, i.e. 2024-25, the government will spend Rs 5047 crore on the scheme and in 2025-26, it will spend Rs 5853 crore.

PM E-Drive: Government will give subsidy on buying EV, PM E-Drive scheme worth Rs 10900 crore implemented from October 1, notification issued
PM E-Drive: Government will give subsidy on buying EV, PM E-Drive scheme worth Rs 10900 crore implemented from October 1, notification issued

PM E-DRIVE

To promote electric vehicles, PM E-DRIVE scheme is going to be implemented from October 1, 2024, on which the government will spend Rs 10,900 crore. The Ministry of Heavy Industries has issued a gazette notification on Monday, 30 September 2024. In the cabinet meeting held on September 11, 2024, under the chairmanship of Prime Minister Narendra Modi, this scheme was approved to promote electric mobility in the country.

Scheme applicable from 1 October to 31 March 2026

The Ministry of Heavy Industries said in its notification that the PM-Drive scheme will be implemented from 1 October 2024 to 31 March 2026 to promote electric vehicles in the country at a rapid pace, set up charging infrastructure and develop electric vehicles manufacturing eco-system in the country. Under the scheme of PM e-Drive, the government will provide subsidy on the purchase of e-two-wheelers, e-three-wheelers, e-ambulances, e-trucks and other emerging electric vehicles to promote them.

State government will also give discount on EV!

In the gazette notification, the government said that the central government's effort is to promote e-mobility with the help of state governments. States will have to offer fiscal and non-fiscal bouquets which include road tax exemption concessions, permit exemption, toll tax exemption, parking charge exemption, discounts on registration of EVs. The Ministry of Heavy Industries will encourage states to provide such incentives during the period of the scheme.

The plan is worth Rs 10,900 crore

The model ministry of PM E-Drive scheme is the Ministry of Heavy Industries. According to the gazette notification, out of Rs 10,900 crore, Rs 5047 crore will be spent in 2024-25 to promote electric vehicles, while Rs 5853 crore is planned to be spent in 2025-26. PM E-Drive scheme will support 24.79 lakh e-two wheelers, 3.16 lakh e-three wheelers and 14,028 e-buses. The Ministry of Heavy Industries is bringing e-vouchers for electric vehicle buyers so that they can avail the benefits of the incentives being given under the scheme.