SIDBI Launches EVOLVE Mission with NITI Aayog
Credit and finance for MSMEs: The Small Industries Development Bank of India (SIDBI) announced the launch of mission EVOLVE (Electric Vehicle Operations and Lending for Vibrant Ecosystem) in conjunction with the NITI Aayog, World Bank, Korean-World Bank, and Korean Economic Development Cooperation Fund (EDCF) to provide financial support for micro, small and medium-sized enterprises (MSMEs) involved in the electric vehicle space.
What will EVOLVE Mission offer?
- The initiative will offer affordable commercial financing for EV loans, including the introduction of telematics to lower financing costs and provide financial data.
- The mission aligns with SIDBI’s goal of supporting India’s 30% EV penetration target by 2030 (EV30@30).
- In April, SIDBI introduced a pilot scheme called Mission 50,000-EV4ECO designed to fund MSMEs that struggle to acquire loans to purchase EVs for commercial use.
EVOLVE Mission Aim:
The mission aims to fund 50,000 EVs, and sanction letters have been delivered to companies, such as Aristo Securities and Mufin Green Finance, to bring 5000 to 2/3-wheel EVs on the road shortly.
- The SMEV reported that EV sales had reached over 1 million in India during the fiscal year 2022-23, with two-wheelers dominating the percentage share of 62%.