SIDBI launches EVOLVE mission with NITI Aayog

Tags: Economy/Finance National News

Small Industries Development Bank of India (SIDBI) launched the Electric Vehicle Operations and Lending for Vibrant Ecosystem (EVOLVE) mission.

An Overview of the News

• The mission has been launched in collaboration with NITI Aayog, World Bank, Korean-World Bank and Korean Economic Development Cooperation Fund (EDCF).

• Its main objective is to provide financial assistance to micro, small and medium-sized enterprises (MSMEs) in the electric vehicle sector.

• The collaboration between SIDBI, NITI Aayog, World Bank, Korea-World Bank and Korean Economic Development Cooperation Fund (EDCF) highlights the importance of public-private partnership.

• The EVOLVE mission contributes to the promotion of sustainable transportation solutions in India.

• By supporting MSMEs in the electric vehicle industry, the initiative aims to foster a vibrant ecosystem for electric vehicles.

EVOLVE Mission Aim:

• Its primary objective is to provide funds for the purchase of 50,000 Electric Vehicles (EVs).

• Sanction letters have been sent to companies such as Aristo Securities and Muffin Green Finance to achieve this goal.

• These companies have been tasked with facilitating the introduction of around 5,000 two-wheeler and three-wheeler electric vehicles on the roads in the near future.

Small Industries Development Bank of India (SIDBI):

• Apex regulatory body for micro, small and medium enterprise finance companies in India.

• Responsible for licensing and regulation in this sector.

Jurisdiction:

• Under the Ministry of Finance, Government of India.

• The headquarters is located in Lucknow.

Establishment:

• Established on 2nd April, 1990 by the Government of India.

• Initially a wholly owned subsidiary of IDBI Bank.

• Delinked from IDBI Bank on March 27, 2000.