The Indian electric vehicle market is poised for exponential growth, with Union Minister Nitin Gadkari projecting the sector to generate ₹20 lakh crore in revenue and create five crore jobs by 2030. Speaking at the 8th Catalyst Conference on Sustainability of E-Vehicle Industry – Evexpo 2024, Gadkari emphasized the transformative potential of electric vehicles (EVs) while addressing key challenges, including air pollution and dependence on fossil fuels.
Electric Vehicle Market: Sustainability at the Forefront
Gadkari highlighted the pressing need to transition away from fossil fuels, which he described as a “big economic challenge.” India currently imports fossil fuels worth ₹22 lakh crore annually, contributing significantly to air pollution. The transport sector alone is responsible for nearly half of India’s air pollution. To combat this, the government is prioritizing green energy sources such as solar, hydro, and biomass power, with solar energy already accounting for 44% of the nation’s power mix.
“The Indian electric vehicle market holds immense promise,” said Gadkari. “Its potential is unmatched, and it is a critical step toward sustainability.”
EV Industry Opportunities and Challenges
The minister acknowledged a shortage of electric buses, stating that while India requires one lakh EV buses, the current manufacturing capacity is limited to 50,000. Gadkari urged auto companies to scale up production without compromising quality, citing this as a golden opportunity for expansion.
He also underscored the importance of enhancing the EV finance market, which is expected to grow to ₹4 lakh crore by 2030. With major companies like Tata, Adani, and Maruti working on lithium-ion battery production, India is taking significant strides in building a robust EV infrastructure, including 16,000 charging stations already in operation, with an additional 2,800 in the pipeline.
A Booming Automobile Sector
India’s automobile sector has grown exponentially since Gadkari assumed office in 2014. The sector, valued at ₹7 lakh crore then, has now surged to ₹22 lakh crore, making it the third-largest globally after the USA (₹78 lakh crore) and China (₹47 lakh crore).
“Our goal is to be the largest automobile market in the world within five years,” Gadkari stated. “To achieve this, we must prioritize good technology, quality, and innovation to outpace competitors like China.”
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