On the occasion of World Electric Vehicle Day, SIDBI is observing “EV UTSAV Week" across all SIDBI offices

New Delhi, September 9, 2023: Small Industries Development Bank of India or popularly known by its acronym SIDBI has always been working to strengthen the MSME Sector in India. In order to encourage enterpreneurs and businesses in the emerging EV sector, SIDBI is observing EV UTSAV Week, starting from the World EV Day today.

During the EV Week, SIDBI has planned a number of activities across SIDBI offices all across the nation, from September 9 to 16, 2023. Through these activities, SIDBI aims at promoting the Indian Electric Vehicle eco-system, championing sustainability, and driving change towards a greener future.

The activities planned are as under:

1. MSME Outreach/Awareness Sessions: Awareness sessions about electric vehicles, to create awareness about the financial and environmental benefits of EV adoption, among MSME customers.

2. EV Campaign: Campaigning and promotion of SIDBI EV Schemes, 50KEV4ECO and EVOLVE on social media and website.

3. Reach out to 15,000 people in terms of awareness: Poster for Associations, stakeholders

4. Launch of 'EV Care' & 'EV Mitra', Online Stories/Case Studies on EVs

5. Electrifying EV Exposure (E3) visit: EV Exposure visit by branches with MSMEs to OEM/ Aggregator/ Fleet Operator

Shri Sivasubramanian Ramann, CMD, SIDBI, explained the SIDBI scheme 50KEV4ECO to support the MSMEs for the adoption of electric vehicles and aligned ecosystem to encourage MSMEs for transition to green mobility. These MSMEs include fleet operators, aggregators, leasing companies, etc. The World Bank-supported EVOLVE program will further bring confidence to financial Institutions to lend for EVs.

Shrii Sudhendhu J Sinha, Adviser, NITI Aayog, emphasized on the role of SIDBI's EV schemes (50KE4ECO and EVOLVE) to create market disruption and said it would be a game changer for the uptake of the electric vehicles, thus achieving India's EV adoption goal.

Shri Gerald Ollivier, Lead Transport Specialist, World Bank, briefed on the importance of EVs and highlighted that at present there is a lack of affordable financing options for electric vehicles and this gap will be addressed by the EVOLVE (Electric Vehicle Operations and Lending for Vibrant Ecosystem) program for EV financing in form of concessional on-lending & Risk Sharing facility.

Under the 50KEV4ECO scheme, SIDBI is planning to finance about fifty thousand electric vehicles for the MSME sector in the country, under the guidance of Niti Aayog and the financial support from World Bank. The 50KEV4ECO program will prove instrumental in the faster adoption of EVs, particularly in the EV sector. By celebrating the EV Week, SIDBI is endeavoring to create a broader awareness about its efforts that it?s taking to strenghten the EV sector in India.


About SIDBI

Small Industries Development Bank of India (SIDBI) is the apex regulatory body for overall licensing and regulation of micro, small and medium enterprises in India. It is under the jurisdiction of Ministry of Finance, Government of India. SIDBI extends Term Loan assistance to Banks, Small Finance Banks and Non-Banking Financial Companies. Besides the refinance operations, SIDBI also lends directly to MSMEs.