India-US partnership launched to boost electric bus deployment

India and the US launched a partnership for non-recourse lending to deploy 38,000 electric buses in India. The payment security mechanism (PSM) aims to unlock up to $10 billion in lending and guarantee delayed payments from fiscally constrained state bus companies. India will contribute $240 million, while $150 million will come from the US government. This initiative is crucial for decarbonizing the transport sector and achieving India's goal of net-zero emissions by 2070. The PSM was discussed during Prime Minister Modi's visit to the USA.

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