SIDBI launches EVOLVE mission with NITI Aayog

Tags: Economy/Finance National News

SIDBI-launches-EVOLVE-mission-with-NITI-AayogSmall 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.


  • Under the Ministry of Finance, Government of India.

  • The headquarters is located in Lucknow.


  • 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.

Please Rate this article, so that we can improve the quality for you -