<h1 class="ql-align-center"><strong style="color: rgb(230, 0, 0);">Mission 50K-EV4ECO</strong></h1><p class="ql-align-center"><br></p><h3><strong>Context&nbsp;</strong></h3><ul><li class="ql-indent-1">The <strong>Small Industries Development Bank of India (SIDBI)</strong> has launched Mission 50K-EV4ECO, the initiative will fund the purchase of 50,000 EVs in the country to spur the local ecosystem.</li></ul><h3><strong>About&nbsp;</strong></h3><ul><li class="ql-indent-1">Under this mission, SIDBI will directly provide loans to eligible <strong>small and medium enterprises (SMEs) </strong>for the purchase of EVs and developing charging infrastructure, including battery swapping.</li><li class="ql-indent-1">It focuses on increasing the uptake of electric two-wheelers, three-wheelers and four-wheelers through direct and indirect lending support to vehicle aggregators, fleet operators and leasing companies.</li><li class="ql-indent-1">The Indian automobile industry ranked fifth largest globally and is expected to become the third largest by 2030.&nbsp;</li><li class="ql-indent-2">However, the sale of electric vehicles accounts for just 1% of total sales, currently.</li></ul><h3><strong>SIDBI</strong></h3><ul><li class="ql-indent-1">It was established under an <strong>Act of Parliament in 1990.</strong></li><li class="ql-indent-1">The Shares of SIDBI are held by the Government of India and twenty-two other institutions / public sector banks / insurance companies owned or controlled by the Central Government including SBI, LIC, NABARD etc.</li><li class="ql-indent-1">Headquarter- <strong>Lucknow&nbsp;</strong></li><li class="ql-indent-1">It is the Principal Financial Institution engaged in the promotion, financing &amp; development of the <strong>Micro, Small and Medium Enterprises (MSMEs) sector</strong> and coordination of the functions of the various institutions engaged in similar activities.</li></ul><p class="ql-align-center"><br></p><h1 class="ql-align-center"><strong>PRELIMS NOTES:</strong><a href="https://www.sunyaias.com/subscription-details/prelims-2023-sunya-notes-current-affairs" rel="noopener noreferrer" target="_blank" style="color: rgb(0, 102, 204);"><strong>CLICK HERE</strong></a></h1>