Power Finance Corporation (PFC) is one of the major financing schemes for electric vehicle (EV) assets in the country. It aims to diversify in the E-mobility space using debt financing for early-established start-ups like BluSmart. This will boost the government‘s efforts towards achieving its ‘net zero’ emission target. In FY23, EV sales for the passenger 4W(C) were just over 7000 units. This scheme aims to deploy and acquire 5,000 passenger and 1,000 cargo EVs by BluSmart.
Will investments by central public sector undertakings (CPSUs) such as the PFC spur growth for other start-ups in the e-mobility space?
Will other non-banking financial companies (NBFCs) be encouraged by this move from the leading power sector lender?