Why this programme matters
India's EV financing market is projected to grow from $3.19 billion to $28.9 billion over the next five years, at a CAGR of 51.6%. While two- and three-wheelers have driven early growth, electric freight, e-buses, and e-trucks are emerging as the next growth engine, supported by improving unit economics and increasing corporate decarbonisation commitments.
Policy is reinforcing this transition. Schemes such as FAME I & II, the Grand Challenge, the National Electric Bus Programme (NEBP), and PM E-Bus Seva have collectively supported the deployment of more than 50,000 e-buses. More recently, PM e-DRIVE has earmarked ₹500 crore for e-truck incentives and ₹2,000 crore for charging infrastructure, while states such as Maharashtra have introduced dedicated e-freight incentives.
