The Ministry of Heavy Industries held a high level meeting in New Delhi on April 29, 2026, to formulate financing mechanisms aimed at accelerating the adoption of electric buses and trucks within the private sector.

Chaired by Heavy Industries Secretary Kamran Rizvi, the session focused on identifying and mitigating the primary financial barriers to commercial electric vehicle procurement. Key interventions evaluated during the discussions included the implementation of partial credit guarantee schemes, which would help de-risk lending for financial institutions. Additionally, attendees considered interest subvention mechanisms designed to lower the overall cost of borrowing for private fleet operators.

The consultations involved a wide range of institutional and industrial stakeholders. Participants included representatives from the Department of Financial Services, the World Bank, the Small Industries Development Bank of India (SIDBI), and various public and private sector banks. Industry groups such as the Society of Indian Automobile Manufacturers, the All India Motor Transport Congress, and the Bus Operators Confederation of India also took part in the deliberations alongside vehicle manufacturers and fleet operators.

The push for targeted financing solutions addresses the significant contribution of commercial vehicles to national fuel consumption and road transport emissions. The transition to electric mobility in the heavy transport and public transit sectors is considered essential for meeting India's Net Zero by 2070 decarbonization targets.