Dr. Hanif Qureshi (pictured), Additional Secretary, Ministry of Heavy Industries, discussed the proposed scheme during his keynote address at the India Clean Transportation Summit 2026 in New Delhi on 1 September. Dr. Qureshi noted that while electrification has gathered momentum in the two- and three-wheeler segments and in passenger cars, heavy-duty vehicles have seen negligible EV penetration.
The government has previously announced support for more than 31,000 electric buses, including over 7,000 units under FAME, 14,028 units under PM E-Drive, and 10,000 units under PM E-Bus Sewa, as well as 5,643 electric trucks under PM E-Drive, Dr. Qureshi said. It now needs to determine how electric buses and trucks can be made viable and economical to run for private-sector operations, he added.
“The loans lent to manufacturers… first of all, not many loans are lent because banks perceive a very high risk in lending to the manufacturers of heavy commercial vehicles, and if they lend, then they are at relatively higher interest rates,” Dr. Qureshi explained, adding: “The government is looking at ways to make financing easier for these categories of vehicles”.
Dr. Qureshi also provided an estimated breakdown of the 100,000 heavy-duty EVs that could be supported under the proposed scheme and indicated its potential duration. “We expect that probably up to 50,000 electric buses and 50,000 electric trucks can be supported in the next 5 years,” he said.
