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India seeks funds from World Bank and ADB for e-buses

Publication - The Economic Times

Publish Date - 28 Sep 2017

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Source - Bureau

Word count - 150

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Edition - Online Web

Reach per million* - 0

Language - English

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India has sought funds from World Bank and Asian Development Bank (ADB) to procure electric buses for all major cities to fuel its electric mobility plan.

“We’ve requested them to provide such loan at reasonable rates so that we can procure e-buses and give them to state road transport corporations. Loan can be paid back through the savings that would be made on account of moving to electric from diesel,” Gadkari said at the All India Management Association event on Wednesday.

The minister said at the rate people are buying vehicles, the government will have to spend Rs 80,000 crore in next five years to expand the lanes on national highways. “We have 22% growth of vehicles every year. At this rate, we’ll have no roads to drive soon. In any case we have no parking. I want to provide sustainable city transport and also intercity as well,” he said.