The Union Cabinet approved two major schemes with a total outlay of ₹14,335 crore to promote the use of electric vehicles (EVs), including buses, ambulances, and trucks. The two schemes are PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) with an outlay of ₹10,900 crore over two years, and PMeBus Sewa-Payment Security Mechanism (PSM) with a budget of ₹3,435 crore.
The PM E-DRIVE scheme replaces the earlier Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME), which was introduced in 2015 with an initial budget of roughly ₹900 crore. This was followed by FAME-II, which had a budget of ₹11,500 crore.
Building on the success of FAME, the government has introduced PM E-DRIVE to meet carbon emission reduction goals and achieve EV penetration targets, Information and Broadcasting Minister Ashwini Vaishnaw announced.
Business Standard reported in June that the new scheme for promoting EVs was expected to have a budget of ₹10,600 crore.
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