This collaboration between SIDBI and BluSmart aims to increase urban mobility and support sustainable city development. This partnership aligns with Delhi’s progressive EV Policy to significantly reduce air pollution and promote green technology adoption.
The Small Industries Development Bank of India (SIDBI), in conjunction with BluSmart, India’s premier electric vehicle (EV) ride-hailing service, recently celebrated a significant milestone in advancing electric mobility within the country. This event, held under the EV4ECO initiative aimed at nurturing an electric mobility ecosystem, saw the launch of over 140 electric cars. The initiative took place in the presence of notable representatives from both the Indian government and various international entities. SIDBI, a pivotal financial institution for Micro, Small, and Medium Enterprises (MSMEs), champions the ABCD (Aaओ Bनाए Cलीन Diल्ली) initiative, focusing on amplifying the presence of EVs on Delhi’s roads in an effort to make the capital city cleaner and more sustainable.
The commitment of SIDBI to green technologies extends beyond simple financial support; it also includes risk-sharing mechanisms to encourage other lenders to finance more EV projects. This approach not only enhances the financial viability of adopting green technologies but also aligns with the Delhi EV Policy, which is considered the most progressive of its kind in India. The synergy between the ABCD initiative and the Delhi EV Policy is poised to significantly reduce air pollution in the capital, further cementing Delhi’s status as a clean and green city.
On the institutional front, Shri Prakash Kumar, Deputy Managing Director of SIDBI, emphasized the institution’s role as a development financial institution (DFI) committed to greening the enterprise ecosystem. He highlighted SIDBI’s proactive efforts in promoting new technologies among MSMEs through innovative approaches, which include expanding their influence in green sectors, supporting startups, and addressing the needs of rural and underserved communities. Kumar underscored SIDBI’s evolving role into a “Green Bank,” dedicated to overcoming challenges in electric vehicle financing and creating tailored schemes to foster EV adoption, particularly among startups.
Dr R.K. Singh, Chief General Manager of SIDBI, reiterated India’s dedication to ambitious climate change mitigation targets, including the country’s pledge to support the international EV30@30 initiative, which aims for 30% new electric vehicle sales by 2030. He detailed how SIDBI’s newly launched EV4ECO and EV-RSF schemes are designed to facilitate affordable financing for electric vehicles, contributing to reduced vehicular emissions and lower operating costs in the logistics sector.
Furthermore, SIDBI’s initiatives also seek to empower women entrepreneurs in rural areas by providing them with affordable financing options for electric vehicles, thereby fostering a more inclusive approach to green technology adoption.
Shri Anmol Jaggi, Co-founder of BluSmart, reflected on the partnership with SIDBI, noting how the ABCD initiative propels BluSmart’s mission to “Decarbonize Mobility at scale.” This collaboration is instrumental in accelerating EV adoption in the Delhi NCR region, which is crucial for reducing carbon emissions in the transportation sector and promoting sustainable urban development.
