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The government launched the PM E-Drive scheme on October 1, 2024. This scheme of Rs 10,900 crore was to end in March 2026. Now it has been extended till 2028, which will directly benefit electric vehicle buyers.
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New Delhi: The Government of India has further extended the deadline of its PM E-Drive scheme to make the purchase of electric vehicles even easier. The Ministry of Heavy Industries has extended the Pradhan Mantri Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-Drive) scheme for the next 2 years. Due to which the new deadline has become March 31, 2028.
The government launched the PM E-Drive scheme on October 1, 2024. This scheme of Rs 10,900 crore was to end in March 2026. Now it has been extended till 2028, which will directly benefit electric vehicle buyers. Let us tell you that the PM E-Drive scheme not only provides subsidy facility to the general customers to make the purchase of vehicles easier. But it also supports public charging infrastructure, testing facility and localization of electric vehicle technology.
The ministry notification issued on August 7 said that the scheme will continue to promote the adoption of electric vehicles, setting up of charging stations and development of domestic EV manufacturing. The Electric Mobility Promotion Scheme 2024 (EMPS-2024), which was in force from April to September 2024, has also been included in PM e-Drive.
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The scheme aims to subsidize about 24.8 lakh electric two-wheelers, 3.2 lakh electric three-wheelers and over 14,000 electric buses in 9 major Indian cities with a population of more than 40 lakh. Apart from this, a provision of assistance of up to Rs 500 crore has been made for electric trucks and ambulances respectively.
However, the subsidy given for electric two-wheelers and three-wheelers under this scheme is going to end on March 31, 2026. At the same time, subsidy for electric buses, trucks and ambulances will continue till March 2028. This scheme comes with limited funds and if the allocation ends before the stipulated time, the sub-components will be closed soon. That is, the benefit of subsidy for electric two-wheeler and three-wheeler drivers will be available only till March 2026.
What will be the benefit to electric two-wheeler and three-wheeler buyers?
Buyers of electric two-wheelers and three-wheelers can avail a subsidy of Rs 5,000 per kilowatt hour (kWH) in FY 2025 and Rs 2,500 per kWh in FY 2026. In simple words, if the battery of your vehicle is of 1kWH, then you can get a subsidy of Rs 5,000 this year and Rs 2,500 next year. However, its maximum limit is limited to 15 percent of the ex-showroom price of the vehicle.
Apart from vehicle subsidy, the scheme will focus on setting up 22,000 EV public chargers for four-wheelers and 1,800 chargers for electric buses as well as improving vehicle testing infrastructure under the Ministry of Heavy Industries.
