Small Industries Development Bank of India (SIDBI) officials are keen on another version of the Mission 50K-EV4ECO Mission which aims to strengthen the Electric Vehicle (EV) ecosystem in India.
14 Aug 2024 | 4165 Views | By Autocar Professional Bureau
As India's auto industry is facing headwinds with EV demand slowing down, the industry is all set to see a demand injection of close to 2 lakh electric vehicles over the next two years, said India's largest automobile dealer body, the Federation of Automobile Dealers Associations (FADA) Maharashtra Chairperson Sachin ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
As India's auto industry is facing headwinds with EV demand slowing down, the industry is all set to see a demand injection of close to 2 lakh electric vehicles over the next two years, said India's largest automobile dealer body, the Federation of Automobile Dealers Associations (FADA) Maharashtra Chairperson Sachin Mahajan said from his discussions with Piyush Goyal, Union Commerce & Industry Minister and Ramdas Athawale.
Athawale, Union Minister of State for Social Justice & Empowerment, Govt of India who has greenlighted the PM Solar2EV Project for Social Justice is all set to stimulate demand for approximately 200,000 electric vehicles from various social justice schemes for electric two-wheelers, three-wheelers, fleet passenger electric cars, light electric trucks, and buses.
Unveiled by India Social Justice Ministry in Feb 2024, Mahajan said Solar2EV is poised to take off following a joint meeting convened by two of India's prominent ministers, Commerce & Industry Minister Piyush Goyal and Ramdas Athawale.
Reviving Collateral Free Loans
Mahajan said Small Industries Development Bank of India (SIDBI) officials are keen on another version of the Mission 50K-EV4ECO Mission which aims to strengthen the Electric Vehicle (EV) ecosystem in India by financing EV purchases through direct and indirect lending to Micro, Small and Medium Enterprises (MSMEs) and NBFCs respectively as a precursor to SIDBI-World Bank's EVOLVE program. Senior officials of SIDBI including
Dr. Rajendra Prasad, Deputy General Manager SIDBI and. Pawan Kumar Bharti, Lead- Electric Mobility & Assistant General Manager who were present said that there was a clear opportunity to develop a similar program on the lines of the EV4ECO scheme.
Collaborative bonhomie between Ministries for Solar2EV employment growth, women's empowerment
He further added it is an encouraging sign for the auto industry to witness a collaborative Spirit in the Modi 3.0 government where two ministries are coming together for a cause to empower the poor, create entrepreneurship opportunities by providing an avenue for youth and women to empower close to 2 lakh underprivileged youth from marginalized communities
Sharing his perspective on the meeting and discussion he said” It was indeed my privilege to be part of this joint meeting held in the Minister of Commerce & Industries chamber at the newly inaugurated Parliament House.
Stating that “the support and leadership demonstrated by our industry counterparts, under the guidance of SIAM to the Solar2EV Project by other leading OEMs, including leading the electric two and three-wheeler manufacturer Kinetic Green, MG Motors, senior officials from Mahindra & Mahindra, electric bus producer PMI Electromobility, India's principal battery swapping entity Sun Mobility is a widely encouraging sign for the EV Industry."
Besides Mahajan who represents the dealer community, the Auto Industry Rajesh Menon, Director General of apex industry body SIAM was present. Representing the electric two and three-wheeler players was Visakh MT- General Manager of Kinetic Green. Dr. Aanchal Jain, CEO, PMI Electromobility represented the interests of the electric bus makers while, Pamela Tikku- Vice President and Head of Auto Group Public Affairs at Mahindra Group along with Ganesh Kore- Head of EV Sales, and Rajendra Raut, Head of Government Affairs of MG Motors and Amit Mohile, Contributing Editor of Autocar Professional were present.
Speaking on the project MOS J&E Athawale said” The next stage of the electric revolution will be seen in the agricultural mandis where light electric trucks will carry loads up to 1-1.5 tonnes and reduce the cost of delivery from Mandi to the retailer by as much as 35-40 percent”.
Currently, MOS J&E is in the process of aligning its various corporations in Maharashtra such as Mahatma Phule Backward Class Corporation, Annabhau Sathe Corporation, Leather Industry Development Corporation, and even Handicapped Finance Corporation which can roll out such programs from Divyang members of society to get jobs in the gig economy or function as drivers who may be unable to speak but drive on the go.
The FADA Maharashtra Chairperson also informed that the Social Ministry is also contemplating a driver cum ownership model with e-commerce players such as Flipkart, and Amazon which are using electric vehicles as part of their commitment to decarbonise the overall environment and reduce the harmful effects of pollution from diesel and petrol vehicles.