The Small Industries Development Bank of India (SIDBI) and BluSmart have jointly launched over 140 electric cars in Delhi under the EV4ECO scheme.
This significant initiative, attended by representatives from the Indian government and various agencies, aims to bolster electric vehicle adoption in Delhi, support the city's progressive EV policy, and address the pressing issue of air pollution.
SIDBI plays a crucial role in the electric mobility ecosystem by offering financial support and reducing lenders' perceived risks through a risk-sharing facility. This financial backing is essential in encouraging the transition to electric vehicles.
Prakash Kumar, Deputy Managing Director of SIDBI, emphasized the bank's commitment: "SIDBI has taken proactive steps to green the enterprise ecosystem with its developmental and financial engagements. We have commenced our journey to become a 'Green Bank'. SIDBI is pleased to support BluSmart in their journey of zero-emission ride-hailing service."
SIDBI's support extends to other lenders by mitigating their perceived risks, thereby making the financing of electric vehicles more accessible. This initiative complements the Delhi EV Policy, which is further supported by the ABCD initiative aimed at promoting a cleaner capital city.
SIDBI’s "ABCD (Aaओ Bनाए Cलीन Diल्ली)" initiative is focused on increasing the number of electric vehicles on Delhi roads. This initiative supports the city's progressive EV policy and aims to reduce air pollution significantly.
Anmol Jaggi, Co-founder of BluSmart, remarked, "At BluSmart, our mission is to 'Decarbonise Mobility at scale' and SIDBI with its unique ABCD initiative supporting EVs is fuelling our growth in Delhi NCR and helping in accelerating the adoption of EVs."
Dr. R.K. Singh, Chief General Manager of SIDBI, highlighted India's ambitious climate targets: "India has set ambitious climate change mitigation targets and has committed to low-carbon growth in the transport sector.
SIDBI has launched the EV4ECO & EV-RSF schemes to enable the affordable financing of electric vehicles." SIDBI's initiatives are aligned with the EV30@30 campaign and aim to assist MSMEs in adopting green technology.
The bank encourages lenders to finance electric vehicles through its Risk Sharing Facility and supports women entrepreneurs in rural areas by providing affordable finance for transitioning to EVs.
Established under an Act of Parliament, SIDBI is the principal financial institution dedicated to the promotion, financing, and development of the Micro, Small, and Medium Enterprise (MSME) sector in India.
Through its various initiatives, SIDBI is actively contributing to the growth of the electric vehicle sector and the overall greening of the economy.
Conclusion
The launch of over 140 electric cars by SIDBI and BluSmart under the EV4ECO scheme marks a significant step towards a cleaner and more sustainable transportation system in Delhi. With continued support and initiatives like the ABCD initiative, SIDBI is playing a pivotal role in accelerating the adoption of electric vehicles and promoting environmental sustainability in India.