New Delhi, September 12, 2024.
The Union Cabinet on Wednesday approved a new scheme called PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) for the promotion of electric vehicles (EV) in India, replacing an earlier flagship scheme. The Ministry of Heavy Industries (MHI) will implement the new scheme with a total outlay of Rs 10,900 crore over a period of two years.
The PM E-DRIVE will replace Faster Adoption and Manufacturing of Electric Vehicles in India Phase II (FAME India Phase II).
The new scheme offers subsidies/demand incentives worth Rs 3,679 crore to incentivise adoption of electric two-wheelers, electric three-wheelers, e-ambulances, e-trucks and other emerging EVs.