EV Promotion Schemes: SIAM Welcomes Rs 14,335 Crore Govt Push

New Delhi, Sep 11 (PTI) Auto industry body SIAM on Wednesday welcomed the government's decision to approve two schemes with a total outlay of Rs 14,335 crore to promote electric vehicles, saying the forward thinking initiative will make clean and green transportation more accessible to all.

The Union Cabinet on Wednesday approved two schemes -- PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme with an outlay of Rs 10,900 crore over a period of two years, and PM-eBus Sewa-Payment Security Mechanism (PSM) scheme with a budget of Rs 3,435 crore.

Reacting to the announcement, Society of Indian Automobile Manufacturers (SIAM) President Shailesh Chandra termed the move as "progressive step that underscores the firm commitment towards promoting sustainable mobility".

He further said, "It will undoubtedly help accelerate the adoption of electric vehicles (EVs) across the country, making clean and green transportation more accessible to all."

This forward-thinking initiative reflects the government's unwavering support for India's transition to electric mobility, fostering innovation and investment within the sector, Chandra added.

"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," he said.

The automotive industry stands ready to continue working collaboratively with the government to ensure advancements in EV technology and infrastructure, aligning our efforts with the nation's ambitious goals for a cleaner, greener future, Chandra noted.

JBM Auto Ltd Vice Chairman & Managing Director Nishant Arya said the policy will reinforce India's leadership in driving the global shift towards clean and sustainable mobility.

"It is a momentous announcement towards making India the EV capital of the world and the auto sector playing a pivotal role in realising India's net-zero 2070 targets," he said.