The electric vehicle (EV) market in India is poised to take a giant leap in the coming years. Union Road Transport and Highways Minister Nitin Gadkari said on Wednesday that India’s EV market could be worth around ₹20 lakh crore by 2030. Additionally, around 50 million jobs are estimated to be created in this sector. If this estimate proves accurate, the EV sector could become a major engine of employment and business in India.
Speaking at an event organized by the CII-ITC Center for Excellence for Sustainable Development, Gadkari said that currently around 5.7 million electric vehicles are registered in the country. He added that the market share of electric vehicles in India is currently around 7%. The demand for electric vehicles is expected to increase in the future.
Gadkari also made an important statement regarding electric buses. According to him, India has a demand of around 100,000 electric buses every year, but currently the country has the capacity to produce only 50,000-60,000 EV buses annually. This means that there is a significant gap between demand and production.
The Union Minister said that the government’s aim is to make India’s automobile industry the world’s number one industry in the next five years. He said that this goal is difficult, but not impossible. According to Gadkari, India has a trained manpower, and the vehicles produced in the country are of high quality and competitive in price. He explained that when he took over as Transport Minister, the size of the Indian automobile industry was around ₹14 lakh crore. Now, it has reached around ₹22-23 lakh crore. In comparison, the US auto sector is around ₹78 lakh crore, and China’s is around ₹47 lakh crore.
Gadkari said that India imports fossil fuels worth around ₹22 lakh crore every year. This increases the country’s import bill and also increases the problem of pollution. Therefore, electric vehicles, biofuels and improved transport systems may be important for the future.
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