Heavy Industries Ministry Meets Banks and Industry to Tackle Electric Bus and Truck Financing Barriers

The Ministry of Heavy Industries convened a meeting on Wednesday to examine the financing barriers holding back private sector adoption of electric buses and trucks, as the Centre looks to broaden the reach of commercial vehicle (CV) electrification beyond state-run procurement schemes.

The meeting was chaired by Kamran Rizvi, Secretary of the Ministry of Heavy Industries, and brought together a wide cross-section of stakeholders from the financial and industrial sectors.

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, said a media release by PIB. 

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Attendees included the Department of Financial Services, the World Bank's India office, major public and private sector banks, non-banking financial companies, and apex institutions such as SIDBI and NIIF. Bus and truck operators, original equipment manufacturers and industry bodies -- among them the Society of Indian Automobile Manufacturers, the All India Motor Transport Congress and the Bus Operators Confederation of India -- also took part.

"The objectives of the meeting were to understand the financing challenges related to e-bus and e-truck adoption, assess the current status of financing for these vehicles, explore potential solutions to address existing barriers, and identify the government support required," the ministry said in a post on X.

The meeting highlights a broader shift in thinking, with private fleet operators increasingly viewed as key to achieving India's electric vehicle targets rather than an afterthought to public procurement-led efforts.