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Centre Plans Major Financing Push for Electric Buses and Trucks
Any Time News Network | Pooja Srivastava
H. D. Kumaraswamy chaired a high-level meeting in New Delhi to discuss financing mechanisms aimed at accelerating the adoption of electric buses and electric trucks in India’s private transport sector. The meeting was organised by the Ministry of Heavy Industries and included senior representatives from leading public and private sector banks, transport associations, and commercial vehicle operators.
Among the participating financial institutions were State Bank of India, Punjab National Bank, Canara Bank, Central Bank of India, HDFC Bank, and SIDBI. The discussions focused on overcoming financial barriers that currently limit large-scale adoption of electric commercial vehicles in the country.
Key proposals discussed during the meeting included credit guarantee schemes, interest subsidies, and low-risk financing models for private transport operators. Officials emphasized that reducing lending risks and lowering borrowing costs could significantly encourage fleet owners to switch from diesel-powered vehicles to electric alternatives.
The government highlighted that buses and trucks are the backbone of India’s transportation and logistics network but also contribute heavily to fuel consumption and vehicular pollution. Electrification of commercial transport is therefore considered essential for reducing carbon emissions, enhancing energy security, and supporting India’s Net Zero target by 2070.
The initiative aligns with Prime Minister Narendra Modi’s vision of clean energy transition, reduced dependence on fossil fuels, and sustainable economic growth under the broader goals of Aatmanirbhar Bharat and Viksit Bharat 2047.
Officials indicated that the Ministry of Heavy Industries is working toward practical financing solutions that can make electric mobility commercially viable and attractive for transport operators across India.
