Mission 50K-EV4ECO

On 13th April, 2023, Small Industries Development Bank of India (SIDBI) launched the 'Mission 50K-EV4ECO'.

  • The objective is to strengthen the nation's electric vehicle (EV) ecosystem.
  • The pilot scheme is a precursor to the EVOLVE scheme by SIDBI-World Bank.
  • It aims to support 50,000 EV entrepreneurs and enterprises in the next three years.
  • It has two components i.e., direct lending and indirect lending.
  • Under direct lending, SIDBI will provide loans directly to eligible MSMEs, including aggregators, fleet operators, and EV leasing companies, for the purchase of electric vehicles and the development of charging infrastructure, including battery swapping.
  • The indirect lending component will target NBFCs, including small ....
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