New Delhi: Union Minister for Heavy Industries and Steel H. D. Kumaraswamy on Tuesday chaired a high-level meeting in New Delhi to review financing support for electric buses and electric trucks in the private sector.
Senior representatives from public and private sector banks, transport associations and vehicle operators attended the meeting organised by the Ministry of Heavy Industries.
Officials discussed financing challenges linked to the adoption of electric commercial vehicles. They also reviewed the present status of funding support for electric buses and electric trucks across the country.
The meeting focused on possible policy support mechanisms, including credit guarantee schemes and interest subvention measures. According to officials, these proposals could reduce lending risks and lower borrowing costs for private operators.
Moreover, the discussions aligned with Prime Minister Narendra Modi’s appeal to reduce fuel dependence and promote electric vehicles amid global uncertainties and the evolving West Asia situation.
Electric buses financing linked to clean mobility goals
Officials said buses remain the backbone of public transport in India, while trucks carry a major share of domestic freight movement.
However, the commercial vehicle sector also contributes heavily to fuel consumption, road emissions and particulate pollution. Therefore, the government stressed the need to accelerate electrification in the segment.
The Ministry of Heavy Industries said wider adoption of electric buses and trucks would support India’s decarbonisation targets and Net Zero 2070 goals.
Representatives from SBI, Punjab National Bank, Canara Bank, Central Bank of India, HDFC and SIDBI participated in the discussions.
Transport associations, including the All India Motor Transport Congress, Bus Operators Confederation of India and Karnataka Bus Operators Association, also attended the meeting.
Furthermore, the Ministry said the initiative aimed to develop practical financing solutions through coordination between government departments, banks and industry stakeholders.
Officials added that the move would support energy security, emission reduction and indigenous manufacturing under the Aatmanirbhar Bharat and Viksit Bharat 2047 vision.
