India has seen a notable increase in electric vehicle (EV) registrations, reaching 1.59 lakh units in September 2023, up from 1.29 lakh units in the same month last year. According to data from the government’s VAHAN system, this marks a significant 23 percent year-on-year growth. In the first half of the current fiscal year, EV volumes rose by 20 percent compared to the same period last year, with total registrations across all categories increasing to 8.93 lakh units from 7.45 lakh units.
To further enhance this trend, the government has launched the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) scheme, which has a budget of Rs 10,900 crore over the next two years. Approved by the Union Cabinet under Prime Minister Narendra Modi on September 11, the scheme aims to advance electric mobility in the country.
The PM E-DRIVE initiative is set to play a crucial role in speeding up EV adoption and developing necessary charging infrastructure nationwide, contributing to a cleaner and more sustainable environment. This initiative is expected to enhance consumer confidence and attract investments in the expanding EV market.
