The country's public transportation sector is steering towards a greener future.
With the launch of the ₹10,900 crore PM Electric Drive Revolution in Innovative Vehicle Enhancement (PME-DRIVE) and the ₹3,435.33 crore PM-eBus SewaPayment Security Mechanism (PSM) scheme, the industry is optimistic that these initiatives will significantly boost electric bus (e-bus) penetration.
Between January 1, 2019, and September 13, 2024, India sold 373,810 buses, with only 9,108just 2.4 per cent being electric, according to data from the Ministry of Road Transport and Highways' Vahan portal.
This slow adoption persists despite the government's allocation of ₹3,545 crore (30 per cent of the 11,500 crore FAME-II budget) to support the procurement of 7,210 e-buses and launch of 57,613 crore "PM-eBus Sewa" for augmenting city bus operations by 10,000 e-buses.
Under the new PME-DRIVE initiative, the allocation has increased to 40 per cent of the ₹10,900-crore budget, or ₹4,391 crore, for 14,028 e-buses.
This story is from the September 14, 2024 edition of Business Standard.
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This story is from the September 14, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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