Centre to formally launch Rs 10,900 crore PM E-DRIVE scheme on October 1

The new scheme for EV incentives will be valid from October 1, 2024 till March 31, 2026.

The Heavy Industries Ministry will formally launch the Rs 10,900 crore PM E-DRIVE scheme in New Delhi on October 1, approved by the Cabinet earlier in September.

EV manufacturers from the two and three-wheelers space, as well as e-trucks and e-buses makers will be attending the event at a venue in Delhi on October 1, said a social media post on the details of the unveiling of the scheme.

HD Kumaraswamy, Minister of Heavy Industries and Steel, along with MoS BRS Varma will be present at the event. The new scheme for EV incentives will be valid from October 1, 2024 till March 31, 2026.

The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme will offer incentives worth Rs 3,679 crore to incentivize electric 2 and 3Ws, e-ambulances, e-trucks and other emerging EVs.

The Heavy Industries Ministry is also introducing a mechanism of e-vouchers for EV buyers to avail incentives under the scheme. At the time of purchase of the EV, the scheme portal will generate an Aadhaar authenticated Voucher, sent to the registered mobile number of the buyer. This e-voucher will have to be signed by the buyer and submitted to the dealer in order to avail incentives under the PM E-DRIVE scheme. The voucher will be key for OEMs to claim reimbursement of incentives under the scheme.

A dedicated portal for vehicle registration will also be launched by the Minister on October 1.

The scheme also allocates funds for the deployment of e-ambulances, e-buses and e-trucks.

The new scheme to offer incentives for electric vehicles follows the culmination of the current EMPS scheme on September 30.

The scheme aims to address range anxiety of EV buyers by promoting public EV charging stations, installed in cities with high EV penetration and also on selected highways. The new scheme proposes installation of 22,100 fast chargers for e-4 Ws, 1800 fast chargers for e-buses and 48,400 fast chargers for e-2W/3Ws. The outlay for EV charging infrastructure will be Rs 2,000 crore.