Leading Indian automakers Mahindra & Mahindra and Tata Motors have praised the recently approved PM e-Drive scheme, anticipating it will significantly boost the adoption of electric vehicles (EVs) across the country.

On September 11, the Union Cabinet approved two major schemes aimed at promoting the use of electric vehicles, with a combined budget of Rs 14,335 crore. The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme, with an allocation of Rs 10,900 crore over the next two years, and the PM-eBus Sewa-Payment Security Mechanism (PSM) scheme, with a budget of Rs 3,435 crore, are set to transform the EV landscape in India.

Mahindra & Mahindra and Tata Motors welcomed the PM e-Drive scheme, emphasizing that it will accelerate the shift towards electric mobility. The initiative is expected to enhance the availability and affordability of EVs, including electric buses, ambulances, and trucks, by providing substantial financial support and incentives.

The PM E-DRIVE scheme focuses on enhancing vehicle innovation and adoption, while the PM-eBus Sewa-Payment Security Mechanism aims to ensure the financial security of electric bus operations. Both schemes are seen as crucial steps in reducing carbon emissions and fostering a sustainable transportation ecosystem in India.

Industry leaders and stakeholders are optimistic that these initiatives will stimulate growth in the EV sector, encourage investment, and contribute to India’s climate goals. The schemes are poised to drive significant advancements in electric mobility and infrastructure, supporting the broader objective of achieving a greener and more sustainable future.