With an aim to install electric public fast charging stations under PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, the central government is all set provide an 80 percent or higher subsidy on the upstream infrastructure. In exceptional cases, this could go up to 100 percent.
The PM E-DRIVE Scheme, notified on September 29, 2024, with a total outlay of INR 10,900 crore, is being implemented from October 1, 2024, to March 31, 2026, to promote green mobility and develop the EV manufacturing ecosystem.
The allocation includes INR 3,679 crore for subsidies to incentivize 28 lakh e-2Ws, e-3Ws, e-ambulances, and e-trucks; INR 4,391 crore for the procurement of 14,028 e-buses by public transport agencies; INR 2,000 crore for installing 22,100 fast chargers for e-4Ws, 1,800 fast chargers for e-buses, and 48,400 fast chargers for e-2Ws/3Ws; INR 780 crore for upgrading testing agencies; INR 500 crore each for deploying e-ambulances and e-trucks; and INR 50 crore for administrative expenses. As of November 20, 2024, INR 600 crore in claims have been submitted under the scheme, with INR 332 crore disbursed.
This subsidy plan will focus on setting up fast charging stations along major highways across the country.
With subsidies for installing EV chargers in residential complexes, offices and public parking spaces, the plan supports residential and workplace charging.
Talking about it, Aditya Singh Ratnu, CEO & Co-Founder of ZEVO says, “The government’s dedication to enhancing EV infrastructure through significant subsidies represents a pivotal moment for India’s electric mobility landscape. These incentives will drive the growth of charging networks and essential support systems, that are crucial for scaling electric mobility and logistics.
We also recognize that infrastructure development is the backbone of sustainable electric mobility. The government’s focus on subsidizing infrastructure development, such as charging infrastructure, will address one of the primary concerns in the sector – range anxiety. For logistics operators like ZEVO, enhanced charging infrastructure means we can expand our operations into new territories and offer even more reliable services to our clients.
The government’s holistic approach to infrastructure development, and support will enable us to accelerate our expansion plans and introduce more innovative solutions.
We believe these subsidies will create a ripple effect, encouraging more businesses to transition to electric fleets and contributing to India’s vision of sustainable logistics. At ZEVO, we’re ready to leverage this opportunity to further strengthen our position.”