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.

Need

  • As per a report, the homegrown EV financing market is projected to soar to $4.37 billion by 2028.Access to adequate finance, including competitive interest rates, has been identified as a major challenge faced by Micro, Small, and Medium Enterprises (MSMEs) and Non-Banking Finance Companies (NBFCs) operating in the EV ecosystem.

About the Mission

Target

  • It aims to support 50,000 EV entrepreneurs ....
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