❖ The Union Cabinet has approved “PM-eBus Sewa-Payment Security Mechanism (PSM) scheme” and "PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM E-DRIVE) Scheme".

❖ PSM scheme will support the deployment of more than 38,000 electric buses (eBuses) from FY 2024-25 to FY 2028-29.

❖ ₹3,679 crore will be provided as subsidies for purchasing e-two wheelers, e-three wheelers, e-ambulances, e-trucks, and other emerging electric vehicles (EVs) under the PM E-Drive scheme.

❖ The heavy industries ministry will implement the scheme and provide subsidies to both the buyer and manufacturer e-vouchers through a dedicated portal.