SIDBI and BluSmart Launch 140+ Electric Cars Under EV4ECO Scheme in Delhi

In a significant move towards greener transportation solutions, the Small Industries Development Bank of India (SIDBI) and BluSmart, India's largest electric vehicle (EV) ride-hailing service, have jointly initiated the rollout of over 140 electric cars as part of the EV4ECO scheme. The flag-off ceremony, attended by representatives from the Indian government and multilateral organizations, marks a pivotal moment in Delhi's efforts to combat air pollution and promote sustainable mobility.

The initiative, branded as ABCD (Aaओ Bनाए Cलीन Diल्ली), aims to increase the presence of electric vehicles on the roads of Delhi. SIDBI, renowned as the apex financial institution for MSMEs (Micro, Small, and Medium Enterprises), brings its expertise in channelizing financial and developmental support towards green initiatives. Under the EV4ECO scheme, SIDBI facilitates affordable financing for electric vehicles, thereby reducing perceived risks for other lenders and accelerating the adoption of EVs across various sectors.

Shri Prakash Kumar, Deputy Managing Director of SIDBI, highlighted the institution's proactive role in fostering a green enterprise ecosystem. "SIDBI has always been a pioneer in promoting new technologies among MSMEs through innovative financial engagements," he stated. "Our journey towards becoming a 'Green Bank' is aligned with national priorities to mitigate climate change and promote sustainable development."

Dr. R.K. Singh, Chief General Manager at SIDBI, emphasized India's commitment to low-carbon growth and the reduction of vehicular emissions through initiatives like EV4ECO and EV-RSF (Risk Sharing Facility). "These schemes aim not only to enable affordable financing of electric vehicles but also to enhance operational cost efficiencies, particularly in the logistics sector," he explained.

The launch event underscored BluSmart's pivotal role in decarbonizing mobility at scale. Co-founder Shri Anmol Jaggi expressed his enthusiasm for the collaboration with SIDBI. "BluSmart is committed to accelerating the adoption of EVs in Delhi NCR," he stated. "The support from SIDBI's ABCD initiative is instrumental in fueling our growth and achieving our mission of reducing carbon emissions from the transportation sector."

The EV4ECO scheme aligns with India's ambitious EV30@30 targets, which aim to achieve 30% electric vehicle penetration by 2030. SIDBI's initiatives not only support MSMEs in adopting green technology but also encourage other financial institutions to participate through the Risk Sharing Facility. This proactive approach includes specific provisions to support women entrepreneurs in rural areas transitioning to electric vehicles for their operations.

SIDBI's commitment to greening the ecosystem extends beyond financial support. The institution actively collaborates with stakeholders across the EV value chain, conducting country-wide consultations to refine strategies for sustainable transportation. The launch of 140+ electric cars under the EV4ECO scheme represents a significant step towards realizing Delhi's vision of becoming a cleaner, greener capital.

Moving forward, SIDBI and BluSmart plan to expand their collaboration, leveraging innovative financing models and strategic partnerships to further accelerate the adoption of electric vehicles across urban and rural landscapes. The initiatives introduced not only aim to reduce environmental impact but also enhance economic viability and energy security through renewable energy integration.

In conclusion, the launch of 140+ electric cars under the EV4ECO scheme by SIDBI and BluSmart heralds a new era of sustainable mobility in Delhi. As the capital city strives to combat air pollution and promote cleaner transportation solutions, collaborations like these are poised to set benchmarks for green innovation and inclusive growth in India's evolving EV ecosystem.

Note: The information is from a press release sent to us by the manufacturer. Park+ is not responsible for any inconsistencies and inaccuracies in the above data.