GS2 – Governance
Context:
The PM Electric Drive (E-DRIVE) Scheme, launched by the Ministry of Heavy Industries, has been extended by two years due to underutilization of funds. The scheme will now operate until 2027–28 or until the allocated budget is fully utilized.
Overview:
- Launch & Duration: Initially introduced for 2024–26 to accelerate electric mobility adoption.
- Objective: Promote the adoption of electric vehicles (EVs) and expand the EV charging infrastructure across India.
- Incentives: Provides financial support for electric two-wheelers and three-wheelers, with support continuing until the end of the 2025–26 fiscal year.
Significance:
- Environmental Impact: Encourages domestic EV adoption, helping reduce fossil fuel dependency and curb urban air pollution.
- Economic & Industrial Growth: Stimulates manufacturing in the electric mobility sector, supporting Atmanirbhar Bharat initiatives in green technology.
- Energy Security: Reduces India’s reliance on imported oil, contributing to sustainable energy transition.
- Infrastructure Development: Expansion of EV charging networks promotes accessibility and confidence among consumers.