Mission 50K-EV4ECO

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About Mission 50K-EV4ECO:

Under this mission, SIDBI will directly provide loans to eligible small and medium enterprises (SMEs) for the purchase of EVs and developing charging infrastructure, including battery swapping.
It focuses on increasing the uptake of electric two-wheelers, three-wheelers and four-wheelers through direct and indirect lending support to vehicle aggregators, fleet operators and leasing companies.

Key facts about SIDBI

It was established under an Act of Parliament in 1990.
It is the Principal Financial Institution engaged in the promotion, financing & development of the Micro, Small and Medium Enterprises (MSMEs) sector and coordination of the functions of the various institutions engaged in similar activities.

What are Electric Vehicles?

It is defined as a vehicle that can be powered by an electric motor that draws electricity from a battery and is capable of being charged from an external source.
Government of India’s initiatives related to the Electric Vehicles
- Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) – I and II:
- It is currently India’s flagship scheme for promoting electric mobility.
- It was launched in 2015.
- Currently in its 2nd phase of implementation, FAME-II is being implemented for a period of 3 years, from 1st April 2019 with a budget allocation of 10,000 Cr

Q1) What is an industry?

Industry refers to a broad range of economic activities related to the production and sale of goods and services. It includes activities such as manufacturing, construction, agriculture, mining, energy production, and transportation.

Source: How incentives for small & medium battery component suppliers can bolster EV adoption