Putting an end to months of speculation and worries, the Union government unveiled its successor to the highly successful Faster Adoption and Manufacturing of Electric Vehicle (FAME) scheme. The new scheme, christened Prime Ministers’ Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE), will come with a budget of Rs 10,900 crore for two years, and is bigger and more comprehensive in its approach compared to FAME II.
Here's what the industry had to say about it:
Dr Anish Shah, Managing Director, Mahindra & Mahindra Ltd and Group CEO, Mahindra Group, said with PM e-drive, he can foresee India becoming the "first country to achieve 100% electrification in this segment by 2030".
Sudarshan Venu, MD, TVS Motor Company welcomed the move, saying it will augment faster adoption of EVs in India.
Nishant Arya, Vice Chairman & Managing Director, JBM Auto Ltd., stated that new scheme scheme is holistic in nature and shall herald a transformative growth in the EV sector towards the government’s mission of decarbonisation, zero emission and clean mobility.
Raman Bhatia, Founder & MD, Servotech Power Systems Ltd., said apart from addressing concerns like environmental pollution, and fuel security, thie PM E-Drive scheme will speed up the process of generating employment opportunities including in EV manufacturing and the establishment of charging infrastructure.
Suhas Rajkumar, Founder, Simple Energy, stated that the government is also cognizant of the fact that electric mobility in India is spreading faster in the personal and last mile mobility segments through the large uptake of e-2W, e-3W, and e-buses. By targeting these very segments, the PM E-DRIVE scheme will ensure that accessibility to electric mobility improves for the masses, he said.
According to indusrty players, these initiatives are viewed as steps toward accelerating the transition to green mobility and supporting the goal of a net-zero India by 2070, as outlined by Prime Minister Narendra Modi.