New Delhi: Union Minister for Heavy Industries and Steel H.D. Kumaraswamy on Wednesday chaired a high-level meeting in New Delhi to discuss financing mechanisms for accelerating the adoption of electric buses and electric trucks in the private sector.
The meeting, organised by the Ministry of Heavy Industries (MHI), was attended by senior representatives from major public and private sector banks, including SBI, Punjab National Bank, Canara Bank, Central Bank of India, HDFC and SIDBI, along with transport associations and private operators.
Representatives from organisations such as the All India Motor Transport Congress (AIMTC), Bus Operators Confederation of India (BOCI), Karnataka Bus Operators Association and several transport companies participated in the discussions.
The meeting focused on key financing challenges faced in adopting electric commercial vehicles and explored solutions such as credit guarantee schemes and interest subvention support to make loans more accessible and affordable for operators.
The initiative follows Prime Minister Narendra Modi’s call to promote electric vehicles and reduce fuel consumption amid global uncertainties and rising energy concerns.
Officials said electrification of buses and trucks is crucial for reducing pollution, lowering fossil fuel dependence and achieving India’s Net Zero emission target by 2070. Commercial vehicles currently contribute significantly to fuel consumption and road transport emissions in the country.
The Ministry said the discussions aimed at developing practical financing solutions by bringing together government agencies, banks, financial institutions and transport stakeholders on a common platform.
According to the Ministry of Heavy Industries, the move is part of the government’s broader efforts to strengthen energy security, support sustainable mobility and promote indigenous manufacturing under the vision of Aatmanirbhar Bharat and Viksit Bharat 2047.
