Ministry of Heavy Industries press release · 20 May 2026 · pibtracker filter

Union Minister Shri H. D. Kumaraswamy Convened a High-Level Meeting on Financing Mechanisms for Electric Buses and Electric Trucks

PRID2263430 MinistryMinistry of Heavy Industries Released20 May 2026 Reading10 min

Posted On: 20 MAY 2026 8:13PM by PIB Delhi The Ministry of Heavy Industries (MHI), Government of India, held a high-level meeting under the chairmanship of Shri H. D. Kumaraswamy, Union Minister for Heavy Industries & Steel, on 20th May 2026 in New Delhi with senior representatives of public and private sector banks including SBI, Punjab National Bank, Canara Bank, Central Bank of India and HDFC, SIDBI, bus and truck operators, including associations such as the All India Motor Transport Congress (AIMTC), Kodadaramu Lorry Association, Bus Operators Confederation of India (BOCI), Karnataka Bus Operators Association (KBOA) and South India Motor Transport Association, along with major private transport operators and travel companies, to deliberate on the financing mechanisms required to accelerate the adoption of electric buses and electric trucks in the private sector. The objectives of the meeting were to understand the financing challenges for e-bus and e-truck adoption, the current status of financing for e-buses and e-trucks, potential solutions to address the financing challenges and the Government support required. The meeting was a step in line with Prime Minister Shri Narendra Modi’s call to save fuel and adopt Electric Vehicles amid global uncertainties and the evolving situation in West Asia, reflecting India’s strong commitment towards energy security, reduced dependence on fossil fuels, lower oil import bills and a sustainable future for all. During the meeting, key financing challenges relating to the adoption of electric buses and electric trucks in the private sector were deliberated upon, including proposed support mechanisms such as Credit Guarantee and Interest Subvention. Credit Guarantee schemes aimed at de-risking lending by financial institutions and Interest Subvention mechanisms intended to reduce borrowing costs for private sector buyers, were discussed as potential measures to support accelerated adoption of electric commercial vehicles. Public transport, particularly buses, forms the backbone of mobility across India, while trucks play a critical role in freight movement by carrying a substantial share of domestic goods. At the same time, the commercial vehicle segment contributes significantly to road transport emissions, fuel consumption and particulate matter pollution. In this context, the electrification of buses and trucks is essential for achieving India’s decarbonisation targets and advancing the nation’s Net Zero by 2070 goal. This initiative reflects the Ministry of Heavy Industries’ proactive approach towards enabling the transition to electric mobility in the commercial vehicle segment. By bringing together government departments, multilateral institutions, financial entities and industry stakeholders on a common platform, MHI aims to develop actionable financing solutions that address key barriers to EV adoption, thereby supporting India’s broader goals of energy security, emission reduction and indigenous advanced manufacturing under the vision of Aatmanirbhar Bharat and Viksit Bharat @2047. **** TPJ (Release ID: 2263430) Visitor Counter : 481 Read this release in: Urdu , हिन्दी , Tamil , Kannada Ministry of Heavy Industries Union Minister Shri H. D. Kumaraswamy Convened a High-Level Meeting on Financing Mechanisms for Electric Buses and Electric Trucks Posted On: 20 MAY 2026 8:13PM by PIB Delhi The Ministry of Heavy Industries (MHI), Government of India, held a high-level meeting under the chairmanship of Shri H. D. Kumaraswamy, Union Minister for Heavy Industries & Steel, on 20th May 2026 in New Delhi with senior representatives of public and private sector banks including SBI, Punjab National Bank, Canara Bank, Central Bank of India and HDFC, SIDBI, bus and truck operators, including associations such as the All India Motor Transport Congress (AIMTC), Kodadaramu Lorry Association, Bus Operators Confederation of India (BOCI), Karnataka Bus Operators Association (KBOA) and South India Motor Transport Association, along with major private transport operators and travel companies, to deliberate on the financing mechanisms required to accelerate the adoption of electric buses and electric trucks in the private sector. The objectives of the meeting were to understand the financing challenges for e-bus and e-truck adoption, the current status of financing for e-buses and e-trucks, potential solutions to address the financing challenges and the Government support required. The meeting was a step in line with Prime Minister Shri Narendra Modi’s call to save fuel and adopt Electric Vehicles amid global uncertainties and the evolving situation in West Asia, reflecting India’s strong commitment towards energy security, reduced dependence on fossil fuels, lower oil import bills and a sustainable future for all. During the meeting, key financing challenges relating to the adoption of electric buses and electric trucks in the private sector were deliberated upon, including proposed support mechanisms such as Credit Guarantee and Interest Subvention. Credit Guarantee schemes aimed at de-risking lending by financial institutions and Interest Subvention mechanisms intended to reduce borrowing costs for private sector buyers, were discussed as potential measures to support accelerated adoption of electric commercial vehicles. Public transport, particularly buses, forms the backbone of mobility across India, while trucks play a critical role in freight movement by carrying a substantial share of domestic goods. At the same time, the commercial vehicle segment contributes significantly to road transport emissions, fuel consumption and particulate matter pollution. In this context, the electrification of buses and trucks is essential for achieving India’s decarbonisation targets and advancing the nation’s Net Zero by 2070 goal. This initiative reflects the Ministry of Heavy Industries’ proactive approach towards enabling the transition to electric mobility in the commercial vehicle segment. By bringing together government departments, multilateral institutions, financial entities and industry stakeholders on a common platform, MHI aims to develop actionable financing solutions that address key barriers to EV adoption, thereby supporting India’s broader goals of energy security, emission reduction and indigenous advanced manufacturing under the vision of Aatmanirbhar Bharat and Viksit Bharat @2047. **** TPJ (Release ID: 2263430) The Ministry of Heavy Industries (MHI), Government of India, held a high-level meeting under the chairmanship of Shri H. D. Kumaraswamy, Union Minister for Heavy Industries & Steel, on 20th May 2026 in New Delhi with senior representatives of public and private sector banks including SBI, Punjab National Bank, Canara Bank, Central Bank of India and HDFC, SIDBI, bus and truck operators, including associations such as the All India Motor Transport Congress (AIMTC), Kodadaramu Lorry Association, Bus Operators Confederation of India (BOCI), Karnataka Bus Operators Association (KBOA) and South India Motor Transport Association, along with major private transport operators and travel companies, to deliberate on the financing mechanisms required to accelerate the adoption of electric buses and electric trucks in the private sector. The objectives of the meeting were to understand the financing challenges for e-bus and e-truck adoption, the current status of financing for e-buses and e-trucks, potential solutions to address the financing challenges and the Government support required. <img src="https://static.pib.gov.in/WriteReadData/userfiles/image/image00143UL.jpg" style="height:345px; width:497px" /> The meeting was a step in line with Prime Minister Shri Narendra Modi’s call to save fuel and adopt Electric Vehicles amid global uncertainties and the evolving situation in West Asia, reflecting India’s strong commitment towards energy security, reduced dependence on fossil fuels, lower oil import bills and a sustainable future for all. During the meeting, key financing challenges relating to the adoption of electric buses and electric trucks in the private sector were deliberated upon, including proposed support mechanisms such as Credit Guarantee and Interest Subvention. Credit Guarantee schemes aimed at de-risking lending by financial institutions and Interest Subvention mechanisms intended to reduce borrowing costs for private sector buyers, were discussed as potential measures to support accelerated adoption of electric commercial vehicles. Public transport, particularly buses, forms the backbone of mobility across India, while trucks play a critical role in freight movement by carrying a substantial share of domestic goods. At the same time, the commercial vehicle segment contributes significantly to road transport emissions, fuel consumption and particulate matter pollution. In this context, the electrification of buses and trucks is essential for achieving India’s decarbonisation targets and advancing the nation’s Net Zero by 2070 goal. <img src="https://static.pib.gov.in/WriteReadData/userfiles/image/image0027CNX.jpg" style="height:375px; width:562px" /> This initiative reflects the Ministry of Heavy Industries’ proactive approach towards enabling the transition to electric mobility in the commercial vehicle segment. By bringing together government departments, multilateral institutions, financial entities and industry stakeholders on a common platform, MHI aims to develop actionable financing solutions that address key barriers to EV adoption, thereby supporting India’s broader goals of energy security, emission reduction and indigenous advanced manufacturing under the vision of Aatmanirbhar Bharat and Viksit Bharat @2047. **** TPJ " /> var mPlayer = document.getElementById("background_music"); var mPlayAction = document.getElementById("playbutton"); var isPlaying = false; function playAudio() { mPlayer.play(); isPlaying = true; document.getElementById('stopA').style.display = "block"; document.getElementById('playA').style.display = "none"; } function pauseAudio() { mPlayer.pause(); isPlaying = false; document.getElementById('playA').style.display = "block"; document.getElementById('stopA').style.display = "none"; } //function HandleAudio() { // if (isPlaying == true) { // //Playing already Pause it // pauseAudio(); // } else { // //Play the music // playAudio(); // } //} var synth = window.speechSynthesis; function CleanHtml(html) { html = html.replace(/ /gi, ''); return html; } function stripHtml(html) { let tmp = document.createElement("DIV"); tmp.innerHTML = CleanHtml(html); return tmp.textContent || tmp.innerText || ""; } $(document).ready(function () { //for responsive tables $("table").each(function () { if (!$(this).closest(".table-responsive").length) { $(this).wrap(" "); } }); var width = $(window).width(); if (width $(document).ready(function () { var width = $(window).width(); if (width @media print { .sticky-social, .sticky-social_mb, .pull-right, #printPDF { display: none !important; } } .f_vl { padding-right: 30px; font-size: 17px; cursor: pointer; } .log_oo { // width: 20%; display: flex; justify-content: space-between; } .log_oo img { width: 150px; /*width: 100%; height: auto;*/ } .sticky-social_mb { position: fixed; bottom: 0px; padding: 0px; margin: 0px; width: 100%; } .social_mb { list-style: none; display: flex; width: 100%; margin-bottom: -8px; } .social_mb a { padding: 8px 0px; font-size: 30px; transition: all 0.8s ease-in-out; width: 20% !important; text-align: center; } .section1 { position: relative; padding: 10px 0px; width: 100%; } .sticky-social { position: fixed; top: 20px; left: 0px; padding: 0px; margin: 0px; } .social { list-style: none; } .social a li { padding: 8px 12px; font-size: 25px; transition: all 0.8s ease-in-out; } .social a li:hover { margin-right: -30px; box-shadow: 2px 5px 10px grey; } .social a li:hover .fa { margin-left: 20px; } .fb_b { /* background-color: rgb(59, 89, 152);*/ background-color: rgba(65,103,178,255); } .twitter_r { /* background-color: rgb(29, 161, 242);*/ background-color: #000000; } .whatsapp_r { /* background-color: rgb(77, 194, 71);*/ background-color: rgba(13,191,67,255); } .fa-envelope_r { /* background-color: rgb(219, 68, 55);*/ background-color: #e2123d; } .fa-linkedin_r { background-color: rgb(0, 119, 181); } @media only screen and (max-device-width: 767px) { p span img { max-width: 90% !important; height: auto !important; } p img { max-width: 90% !important; height: auto !important; } h2 { font-size: 20px !important; font-weight: 600 !important; } h3 { font-size: 18px !important; font-weight: 600 !important; } } /* === Film Roll Badge Styling(IFFI2025 countdown) === */ .film-roll-badge { position: absolute; top:82%; right: 20px; width: 230px; height: 70px; background: repeating-linear-gradient( to right, #9a2375 0px, #9a2375 18px, #6e2b8b 18px, #6e2b8b 36px ); border-top: 8px solid #9a2375; border-bottom: 8px solid #9a2375; border-radius: 8px; overflow: hidden; box-shadow: 0 4px 12px rgba(0, 0, 0, 0.4); animation: moveFilm 8s linear infinite; z-index: 10; } /* film sprocket holes */ .film-roll-badge::before, .film-roll-badge::after { content: ""; position: absolute; width: 100%; height: 10px; background: repeating-linear-gradient( to right, #9a2375 0px, #9a2375 10px, #fff 10px, #fff 20px ); left: 0; z-index: 2; } .film-roll-badge::before { top: -4px; } .film-roll-badge::after { bottom: -4px; } .film-roll-inner { position: relative; height: 100%; display: flex; align-items: center; justify-content: center; animation: flicker 2s infinite ease-in-out; } .countdown-text { font-size: 1.3rem; font-weight: 700; color: #fff; text-shadow: 0 0 6px rgba(255, 255, 255, 0.4), 0 0 10px #000; white-space: nowrap; } /* === Animations === */ @keyframes moveFilm { 0% { background-position: 0 0; } 100% { background-position: 120px 0; } } @keyframes flicker { 0%, 100% { opacity: 1; } 50% { opacity: 0.9; } 25% { opacity: 0.95; } 75% { opacity: 0.85; } } /* === Responsive Adjustments === */ @media (max-width: 1500px) { .film-roll-badge { top: 68%; right: 18px; /* width: 220px; */ height: 65px; font-size: 0.85rem; } .press-section { margin-top: 35px; } } @media (max-width: 992px) { .film-roll-badge { top: 52%; right: 10px; width: 200px; height: 60px; } } @media (max-width: 768px) { .film-roll-badge { top: 56%; right: 10px; width: 124px; height: 55px; } .countdown-text { font-size: 0.9rem; } } @media (max-width: 576px) { .film-roll-badge { top: 59%; right: 5px; /* width: 160px; */ height: 50px; } .countdown-text { font-size: 0.85rem; } } const festivalStart = new Date("2025-11-20T00:00:00").getTime(); const festivalEnd = new Date("2025-11-28T23:59:59").getTime(); const countdownElement = document.getElementById("countdown"); const interval = setInterval(() => { const now = new Date().getTime(); // BEFORE FESTIVAL — show days + hours left if (now = festivalStart && now el.style.width = "350px"); clearInterval(interval); } }, 1000); //

Original PIB release
pib.gov.in · PRID 2263430

Open on PIB ↗

Union Minister Shri H. D. Kumaraswamy Convened a High-Level Meeting on Financing Mechanisms for Electric Buses and Electric Trucks

More from this day