PM E-Drive will ensure swift transition from internal combustion vehicles to pure electric: Ola's Bhavish Aggarwal

Bhavish Aggarwal, the founder and CEO of Ola Electric Mobility, lauded the latest electric mobility incentive scheme approved by the Union Cabinet.

Taking to X, the Ola chief wrote that the 'PM E-Drive' scheme is a welcome move and a great step to accelerate electric vehicle adoption in India.

According to Bhavish Aggarwal, the latest incentive scheme will provide the required impetus to the electric vehicle industry to scale and mature rapidly, ensuring a swift transition from internal combustion engines (ICE) to electric vehicles (EVs).

The scheme will provide the required impetus to the EV industry to scale and mature rapidly, ensuring a swift transition from ICE to EVs!, his post read.

Last evening, the Union Cabinet approved the PM E-Drive scheme for promotion of electric mobility in the country. The scheme has an outlay of Rs 10,900 crore over a period of two years. The Cabinet's approval for the 'PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme' was based on a proposal from the Ministry of Heavy Industries (MHI).

Subsidies or demand incentives worth Rs 3,679 crore would be provided to incentivise e-2Ws, e-3Ws, e-ambulances, e-trucks and other emerging EVs. The scheme will support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses, a release said.

The Ministry of Heavy Industries is introducing e-vouchers for EV buyers to avail of demand incentives under the scheme.

The scheme allocates Rs 500 crore for the deployment of e-ambulances. This is a new initiative of the government to promote the use of e-ambulance.

A sum of Rs 4,391 crore has been provided for the procurement of 14,028 e-buses by public transport agencies.

The trucks are a major contributor to air pollution. The scheme, among others, will promote the deployment of e-trucks in the country. Rs 500 crore has been allocated for incentivising e-trucks.

The Society of Indian Automobile Manufacturers (SIAM) and big auto players have also hailed the Cabinet decision of PM e-DRIVE schemes aimed at promoting electric mobility across the country.

Shailesh Chandra, President of SIAM and Managing Director of Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd, expressed strong support for the government's forward-thinking initiative.

Chandra said, "This forward-thinking initiative reflects the government's unwavering support for India's transition to electric mobility, fostering innovation and investment within the sector. We believe this scheme will not only enhance the growth of the EV ecosystem but also strengthen India's leadership in the global movement towards environmental sustainability."

Anish Shah, Group CEO & MD, Mahindra Group also commended the government's efforts, specifically highlighting the comprehensive nature of the PM e-DRIVE scheme.

Shah said, "We applause the government for launching the PM e-drive scheme. With continued focused support on 2Ws, 3Ws, e-buses and thoughtful addition of e-ambulances, the scheme will drive higher EV penetration in the country."