Under the EV4ECO programme, Small Industries Development Bank of India (SIDBI ) and BluSmart, India’s largest electric car service, announced more than 140 electric cars. The event was held in the presence of representatives of the Government of India and international organizations. SIDBI’s initiative ‘ABCD’ aims to increase the number of electric vehicles on Delhi’s roads. SIDBI’s mandate includes providing financial and development support for green projects and mitigating perceived risks from other lenders through a risk-sharing arrangement, thereby encouraging more EV lending.
Delhi’s electric vehicle policy, hailed as the most progressive in India, is in line with SIDBI’s ABCD initiative to reduce air pollution in the capital. Shri Prakash Kumar, DMD, SIDBI highlighted the institution’s commitment to a greener business ecosystem and supporting the SME, start-up and rural sectors with innovative financing schemes for the adoption of electric vehicles. Dr. R.K. Singh, CGM, SIDBI, highlighted India’s ambitious climate change goals and commitment to low carbon growth in the transport sector. SIDBI’s EV4ECO and EV-RSF systems aim to make electric vehicle financing more affordable, which helps reduce vehicle and logistics costs.
SIDBI supports the EV30@30 initiative and encourages SMEs to adopt green technology. The organization has also prepared systems for financing a risk-sharing instrument and supports the transition of female entrepreneurs in rural areas to electric vehicles. Anmol Jaggi, Co-Founder of BluSmart, noted that SIDBI’s ABCD initiative is essential to their mission to reduce mobility and accelerate the adoption of EVs in the Delhi NCR region, thereby reducing carbon emissions from transportation..