Indian EV market potential likely to touch Rs 20 lakh crore by 2030, creating 5 crore jobs

Union minister Nitin Gadkari on Thursday said that the electric vehicle market potential in India is likely to touch Rs 20 lakh crore and will create around 5 jobs across the EV ecosystem by 2030. Evexpo 2024′, Gadkari said the size of the financial market for electric vehicles will be around Rs 4 lakh. in 2030.

“India’s electric vehicle market potential is Rs 20 lakh crore by 2030, creating five jobs across the 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.

“We are exporting crude oil worth Rs 22 lakh crore, that is a big economic challenge. And this import of crude oil is causing many problems in our country,” said Gadkari.

According to Gadkari, the government is focusing on green energy as 44 percent of India’s electricity basket is solar energy.

“We prioritize the development of our hydroelectricity, then solar energy, green energy, especially from biomass. Now solar energy is one of the important sources for all of us,” he said.

The minister pointed out that India is facing a problem of shortage of electric buses.

“Our country needs a million electric buses but our capacity is 50,000 buses. I am asking you all that this is the right time for you to expand your industry,” he said.

Gadkari asked electric car manufacturers not to compromise on quality.

He said that the Indian automobile industry was estimated at Rs 7 lakh crore when he took charge as the transport minister in 2014. Japan has passed,” he said.

The size of the USA auto industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 22 lakh crore).