PM E-DRIVE Scheme: Recently, union cabinet under the leadership of Prime Minister Narendra Modi approved a new initiative for electric vehicles in the country. The scheme is named PM E-DRIVE Scheme. Under this scheme, subsidy assistance will be provided for the purchase of Electric Two-wheelers and three-wheelers. Moreover, new electric buses, trucks and ambulances will also be procured under this initiative. The government has approved a budget of Rs. 10,900 crore rupees to be utilized during the next two years for subsidy on electric vehicles including e-Rikshaw and e-Scooty. In Addition, the provision of budget has also been made for the installation of fast charging stations at different locations.
If you want to know more about this scheme, you need to read this article till the end. In this article, we have explained all the information about PM E-DRIVE Scheme clearly and step by step, which by reading and understanding till the end, you will be able to take advantage of it. Lets get started and get detailed information about PM E DRIVE Scheme.
About PM E Drive Scheme 2024
The PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) will take place of FAME II Program ended in March 2024. Under this new initiative, electric two-wheelers and three-wheelers have been given subsidizes support. Moreover, procurement of electric ambulances and purchase of E-Buses and E-Trucks have also been included. On one side, government will provide subsidy on electric vehicles on the other side it will install thousands of fast charging stations across the country during the next two years (FY 2024-26) through this scheme.
PM E-DRIVE Scheme details in summary
| Scheme Name | PM E-DRIVE Scheme |
|---|---|
| Concerned Government | Central Government of India |
| Concerned Ministry | Ministry of Heavy Industries, Govt of India |
| Launched on | 11 September 2024 |
| Objectives | Promotion and development of E vehicles |
| Budget Outlay | ₹10,900 crore |
| Subsidy Amount | ₹10,000 on two wheelers & ₹50,000 on three wheelers |
| Official Website | Launch Soon |
Aim and Objectives
This is a subsidy support scheme launched with a view to promote and subsidize the procurement of more electric vehicles. The scheme aims to achieve a target of 25% replacement of all vehicles in the country with electric vehicles by 2030. This subsidy scheme will lead to significant reduction in cost of electric two-wheelers and three-wheelers that will encourage more people to switch to electric vehicles. Moreover, the scheme will also pave way for achieving net zero carbon emission goal of the government of India in the long run.
Benefits and Key Features
Benefits and key features of PM E-Drive Scheme can be understood from the points given below.
- This scheme has been launched with a view to boost the market of electric vehicles and reduce the purchasing cost for common citizens.
- Ministry of Heavy Industries, Government of India will look after the scheme implementation and budgetary provision under PM E Drive.
- Under it, the government will spend 10,900 crore rupees during the next two year till 2026.
- Subsidy will be granted for Electric two-wheelers and three-wheelers.
- For every electric two-wheeler, the subsidy will be 10,000 rupees.
- For three-wheelers, amount of subsidy for each vehicle will be Rs. 50,000.
- Moreover, government will also procure electric buses, trucks and electric ambulances.
- The government will procure and run 14,028 electric buses across 9 most populated cities in the country.
- 72,300 fast charging stations will be installed across the country out of which 48,400 will be for two-wheelers and three wheelers whereas 22,100 charging stations will be installed for four-wheelers.
- For electric buses, 1800 charging platform will be developed in selected cities.
Budget Allocation
The government of India has allocated a sum of Rs. 10,900 crore for implementation of this scheme. The budget has been allocated in separate heads as per the need of the scheme. You can see the details of budget sidelined for each heads under PM E DRIVE below in the points.
- Rs. 3679 crore to subsidize electric two-wheelers and three-wheelers.
- Rs. 500 crore for the procurement of Electric ambulances.
- For the procurement of electric buses, a sum of Rs. 4391 crore has been allocated.
- To establish fast charging station for different model vehicles, an outlay of Rs. 2,000 crore will be spent.
Eligibility Criteria
Once the scheme is implemented, following conditions will have to be fulfilled in order to get subsidy benefits under this scheme.
- The purchaser must be a permanent resident of India.
- The applicant should possess sufficient monetary support for purchasing of vehicle on subsidy.
- Only one vehicle can be purchased on subsidized rate by one citizen.
- For electric two-wheeler and three-wheeler vehicle, one has to make purchase from the government approved vendors.
- This scheme should be in operation in the region where you will buy electric scooty/bike or three-wheeler.
How to apply for PM E-DRIVE Scheme 2024
If you want to avail of this scheme, you need to wait for some time. Once the official website is launched, one can make purchase from the listed vendors through proper channel. Once application for subsidy starts, you need to follow the following steps.
- For the first, Visit the official website of the PM E-DRIVE Scheme.
- The home page of the website will appear on your screen.
- On the home page, click on vendor list.
- You will be redirected to a new page.
- Now, select your state, district and local region and click on Get Vendor Information button.
- The list of approved vendors will appear on your screen.
- You can download it in PDF format.
- Now, select the vendor as per your choice and visit the office.
- Make necessary documentation and buy your vehicle as per your need.
- This way, you can avail of subsidy benefits under PM E-DRIVE Scheme.
Useful Links
| Name of Scheme | PM E-DRIVE Scheme |
|---|---|
| Official Website | Click Here |
| Yojana King Home | Click Here |
FAQs
What is PM E-DRIVE Scheme?
This is a subsidy scheme launched by the central government to provide subsidy on electric vehicles and install fast charging stations.
What is the budget of this scheme?
The budget for this scheme is Rs. 10,900 crore that will be spent during the next two years i.e. 2024-26
Will this scheme provide subsidy for electric four-wheelers?
No, four wheeler is not included for subsidy benefits under PM E-DRIVE.