Union Minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to reach Rs 20 lakh crore and create around 5 crore jobs across the EV ecosystem by 2030. Addressing the 8th Catalyst Conference on Sustainability of the E-Vehicle Industry – EVExpo 2024, Gadkari said the estimated electric vehicle finance market size will be around Rs 4 lakh crore by 2030.
“The Indian electric vehicle market has a potential of Rs 20 lakh crore by 2030, creating five crore jobs across the entire EV ecosystem,” he said.
The Road Transport and Highways Minister said that 40 percent of air pollution in India is due to the transport sector.
Gadkari said, “We import fossil fuels worth Rs 22 lakh crore, this is a big economic challenge. And this import of fossil fuels is creating many problems in our country.”
According to Gadkari, the government is focusing on green energy as 44 percent of India’s electricity basket is solar energy.
“We are giving top priority to the development of our hydro power, then solar energy, green energy, especially from biomass. And now solar energy is one of the important sources for all of us,” he said.
The minister said that India is facing a shortage of electric buses.
He said, “Our country requires one lakh electric buses but our capacity is 50,000 buses. I request all of you that this is the right time when you can expand your factory.”
Gadkari asked electric vehicle manufacturers not to compromise with quality.
He said that when he took charge as Transport Minister in 2014, the size of India’s automobile industry was Rs 7 lakh crore. Today it (size of automobile sector) is Rs 22 lakh crore. Our number is third in the world. We just overtook Japan,” he said.
The size of the United States automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 22 lakh crore).
