Mission 50K-EV4ECO

Mission 50K-EV4ECO

• SIDBI has recently launched the pilot version of the Mission 50K-EV4ECO to promote the growth and development of value chain of India’s electric vehicle industry. It is expected to promote EV adoption and strengthen associated infrastructure in the country.
• The project prioritizes the uptake of 2-wheeler, 3-wheeler, and 4-wheeler EVs through direct and indirect lending. The objective of this scheme is to provide access to affordable financing for electric vehicles and to develop charging infrastructure, including battery swapping.
• The Small Industries Development Bank of India (SIDBI) is a government-owned financial institution established in 1990 to support and promote small industries. Over the years, SIDBI has evolved into the principal financial institution for micro, small, and medium enterprises (MSMEs) in India, providing various financial services to help them grow and develop. In line with its national mission, SIDBI has adopted EVs as a priority. The pilot scheme Mission 50K-EV4ECO shall enable quick replicability and scalability through multilateral support. The scheme is the precursor to the EVOLVE scheme by SIDBI-World Bank, which provides better financing terms and other solutions to address the issues faced in the EV ecosystem in India.

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Published date : 19 Apr 2023 06:21PM