The Government of India has extended the PM e-Drive scheme to make buying electric vehicles easier and more affordable. It has been informed that the scheme will continue for another 2 years, i.e. till March 31, 2028. Not only that, the Ministry of Heavy Industries has started this scheme from October 1, 2024, at a cost of Rs 10,900 crore. The scheme was originally scheduled to run till March 2026, but now it has been extended till 2028.
Consumers who buy electric vehicles will directly benefit from this scheme. It not only provides subsidies on vehicle purchases, but also supports public charging stations, testing facilities and local production of EV technology.
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What is PM e-Drive Scheme
PM e-Drive Scheme is a scheme of the Government of India whose main objective is to make it easier to buy electric vehicles. Under this scheme, in addition to subsidies to consumers, public charging stations, testing facilities and local production of electric vehicle technology are encouraged. The budget of this scheme is Rs 10,900 crore. And the EMPS 2024 scheme is also included in it.
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How many vehicles will get this benefit?
The government has set a target of providing subsidy to 24.8 lakh electric two-wheelers, 3.2 lakh electric three-wheelers and more than 14,000 buses in 9 major cities with a population of more than 40 lakh. In addition, a provision of Rs 500 crore has also been made for electric trucks and ambulances.
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New subsidy period
According to the new subsidy period, this benefit for electric two-wheelers and three-wheelers will be available till March 2026. Where the subsidy for electric buses, trucks and ambulances will be available till March 2028. Buyers of two-wheelers and three-wheelers will get a subsidy of Rs 5,000 per kilowatt hour in the financial year 2025. The another Rs 2,500 per kilowatt hour in the financial year 2026. Beside this will be up to a maximum of 15 percent of the ex-showroom price of the vehicle. For example, if the battery of an electric car is 1 kilowatt hour, then the subsidy will be Rs 5,000 this year and Rs 2,500 next year.
Investment in charging infrastructure too
Special attention will also be paid to charging infrastructure under this scheme. The government has set a target of installing 22,000 public chargers for four-wheeled electric vehicles and 1,800 chargers for electric buses.