Revolutionizing Urban Transport: Massive Deployment of 10,000 E-Buses Approved Across India!

The union cabinet gave its approval on Wednesday for the implementation of ‘PM-eBus Sewa’, a program aimed at enhancing city bus operations. This initiative involves the deployment of 10,000 electric buses across cities throughout the country.

During a briefing on the decisions of the Union Cabinet, Anurag Thakur, the Union Minister, announced, “Approval has been granted for PM E-Bus Seva. An expenditure of ₹57,613 crores has been earmarked for this purpose. Approximately 10,000 new electric buses will be introduced across the nation.”

Anurag Thakur also highlighted, “Out of the total ₹57,613 crores, ₹20,000 crores will be contributed by the Central government. The program is designed to cover cities with a population of 3 lakhs and above. It entails the deployment of 10,000 e-buses for city bus operations, operating on a Public Private Partnership (PPP) model. The scheme will facilitate bus operations for a duration of 10 years.”

The scheme is designed to encompass cities with a population of 3 lakh and above. Priority will be given to cities lacking organized bus services. The plan entails the deployment of ten thousand e-buses following a public-private partnership (PPP) model in 169 cities. Additionally, infrastructure improvements are slated for 181 cities as part of the Green Urban Mobility Initiatives.

Following the cabinet’s decision, shares of JBM Auto, a manufacturer of e-buses, surged over 10%, peaking at ₹1474.45, and then slightly decreased to close at ₹1435.

Investors’ expectations of benefiting from the scheme led to the rise in shares of related companies. Olectra Greentech and JBM Auto, manufacturers of electric buses, saw their shares close up by 8.8% and 10.1% respectively.

Tata Motors concluded with a 1.9% gain. Meanwhile, Ashok Leyland, which possesses a unit dedicated to electric bus manufacturing, witnessed a 2.5% surge before settling up at 0.9%.

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