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Mission 50K-EV4ECO

Mission 50K-EV4ECO:

Small Industries Development Bank of India (SIDBI) recently announced a new scheme Mission 50K-EV4ECO to boost the electric vehicle (EV) ecosystem in the country.

  • 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.
  • SIDBI 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.
  • Electric Vehicles 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.