Ola Founder Bhavish Aggarwal Praises New PM E-Drive Scheme for Electric Vehicles
New Delhi, India – Bhavish Aggarwal, the founder and CEO of Ola Electric Mobility, has praised the new electric mobility incentive scheme approved by the Union Cabinet. He shared his thoughts on X, calling the ‘PM E-Drive’ scheme a significant step towards accelerating electric vehicle adoption in India.
Aggarwal believes that the new incentive scheme will provide the necessary boost for the electric vehicle industry to grow quickly, helping the country transition from internal combustion engines (ICE) to electric vehicles (EVs).
Last evening, the Union Cabinet approved the PM E-Drive scheme, which has a budget of Rs 10,900 crore over two years. The scheme, proposed by the Ministry of Heavy Industries (MHI), includes subsidies worth Rs 3,679 crore to encourage the use of e-2Ws, e-3Ws, e-ambulances, e-trucks, and other emerging EVs.
The scheme aims to support 24.79 lakh e-2Ws, 3.16 lakh e-3Ws, and 14,028 e-buses. Additionally, Rs 500 crore has been allocated for e-ambulances, and Rs 4,391 crore for the procurement of e-buses by public transport agencies. To reduce air pollution, Rs 500 crore has been set aside to incentivize e-trucks.
The Society of Indian Automobile Manufacturers (SIAM) and major auto companies have also welcomed the PM E-Drive scheme. Shailesh Chandra, President of SIAM and Managing Director of Tata Motors Passenger Vehicles Ltd & Tata Passenger Electric Mobility Ltd, expressed strong support for the initiative, stating that it will foster innovation and investment in the sector.
Anish Shah, Group CEO & MD of Mahindra Group, also commended the government’s efforts, highlighting the comprehensive nature of the scheme. He believes that the scheme will drive higher EV adoption in the country.
Doubts Revealed
Bhavish Aggarwal -: Bhavish Aggarwal is the founder and CEO of Ola Electric Mobility, a company that makes electric vehicles in India.
PM E-Drive scheme -: The PM E-Drive scheme is a new plan by the Indian government to encourage people to use electric vehicles by offering financial help or subsidies.
Union Cabinet -: The Union Cabinet is a group of top leaders in the Indian government who make important decisions for the country.
Rs 10,900 crore -: Rs 10,900 crore is a large amount of money, about 109 billion rupees, which the government plans to spend on the PM E-Drive scheme over two years.
subsidies -: Subsidies are financial help from the government to make things cheaper for people, like reducing the cost of electric vehicles.
e-2Ws -: e-2Ws stands for electric two-wheelers, like electric scooters and bikes.
e-3Ws -: e-3Ws stands for electric three-wheelers, like electric auto-rickshaws.
e-buses -: e-buses are electric buses that run on electricity instead of diesel or petrol.
Shailesh Chandra -: Shailesh Chandra is a leader at Tata Motors, a big car company in India.
Anish Shah -: Anish Shah is a leader at Mahindra Group, another big company in India that makes vehicles.
