PM E DRIVE Scheme Subsidy Extension Announced for Electric Vehicles and E Rickshaws
The central government has extended subsidies under the PM E DRIVE scheme to support electric vehicles including electric two wheelers e rickshaws and e carts to accelerate adoption.
Government extends PM E DRIVE scheme subsidies
The central government has announced an extension of subsidies offered under the PM E DRIVE scheme which was introduced to encourage the use of electric vehicles in the country. The move is expected to further support the transition toward cleaner mobility options.
According to the Ministry of Heavy Industries subsidies for electric two wheelers under the PM E DRIVE scheme will now remain available until July 31. The government has also decided to extend subsidies for e rickshaws and e carts until March 31 2028.
Scheme launched to promote electric vehicles
The PM E DRIVE scheme was officially launched on October 1 2024 with the objective of promoting the adoption of electric mobility across different vehicle categories. The initiative provides financial incentives for electric two wheelers three wheelers e ambulances and electric trucks.
Officials said the scheme has already made a significant impact in boosting electric vehicle sales across the country.
Strong response from electric vehicle market
The government had originally set a target of selling 1.4 million electric two wheelers under the scheme. However sales have already crossed 2.48 million units indicating strong consumer interest in electric mobility.
For this purpose the government allocated subsidy funds worth Rs 1772 crore. Out of this amount around Rs 1259.91 crore has already been utilized to support electric vehicle purchases.
E rickshaw and three wheeler sales exceed targets
The scheme also set a target of selling 36462 e rickshaws and e carts but the market response has exceeded expectations. Around 39034 units have already been sold under this category.
In the electric two wheeler segment nearly one million vehicles have been sold so far according to government estimates. Meanwhile the electric three wheeler segment has recorded 162981 units in sales surpassing the initial target.
Officials believe the subsidy extension under the PM E DRIVE scheme will further accelerate the growth of electric vehicles and support the country efforts to reduce dependence on fossil fuels.
