Govt deliberates on financing mechanism to push adoption of e-bus, e-truck in private sector

The Ministry of Heavy Industries held a high-level meeting on Wednesday to deliberate on financing mechanisms required to accelerate the adoption of electric buses (e-buses) and electric trucks (e-trucks) in the private sector.

During the meeting, chaired by Kamran Rizvi, Secretary, Ministry of Heavy Industries, critical interventions for EV financing to address challenges in the adoption of e-buses and e-trucks by private sector stakeholders were discussed.

“The objectives of the meeting were to understand the financing challenges related to e-Bus and e-Truck adoption, assess the current status of financing for these vehicles, explore potential solutions to address existing barriers, and identify the Government support required,” the Ministry of Heavy Industries said in a post on X.

The meeting saw wide participation from key stakeholders across the financial and industrial ecosystem, including the Department of Financial Services, Government of India, and the World Bank (India).

Major public and private sector banks participated, along with NBFCs and apex institutions, including SIDBI, NIIF, bus operators, truck operators, OEMs, and other key stakeholders, along with industry bodies such as the Society of Indian Automobile Manufacturers, All India Motor Transport Congress and Bus Operators Confederation of India.