Rs 20 Lakh Crore By 2030...: Union Minister Nitin Gadkari Bets Big On This Sector - Details

Union Minister for Road Transport and Highways, Nitin Gadkari, announced on Thursday that the Indian electric vehicle (EV) market is expected to reach a potential of Rs 20 lakh crore by 2030, creating around 5 crore jobs across the entire EV ecosystem.

Addressing the 8th Catalyst Conference on Sustainability of the E-Vehicle Industry - Evexpo 2024, Gadkari projected that the electric vehicle finance market will be valued at approximately Rs 4 lakh crore by 2030. He emphasized that this growth would be crucial in transforming India's automotive and energy sectors, significantly contributing to job creation.
Gadkari also highlighted the pressing environmental issues related to the transportation sector, which accounts for 40 per cent of India’s air pollution. He raised concerns about the country’s heavy reliance on fossil fuel imports, which cost India around Rs 22 lakh crore annually, placing considerable strain on the economy.

To address these challenges, the minister underscored the government’s focus on green energy, with solar power currently accounting for 44 per cent of India’s power supply. He emphasized the development of renewable energy sources, particularly hydropower, solar, and biomass, as essential to the nation’s future energy strategy. One of the critical issues discussed was the shortage of electric buses in India. Gadkari pointed out that while the country requires one lakh electric buses, the current manufacturing capacity is only 50,000. He urged manufacturers to seize the opportunity and expand their production facilities to meet the growing demand for electric buses.

The minister also urged EV manufacturers to prioritize quality as the industry continues to evolve. Reflecting on the growth of India’s automobile industry, Gadkari shared that when he assumed his role in 2014, the sector was valued at Rs 7 lakh crore. Today, it has expanded to Rs 22 lakh crore, making India the third-largest automobile market globally, surpassing Japan. Comparing the automobile industries of the United States, China, and India, Gadkari noted that the US industry is valued at Rs 78 lakh crore, while China’s stands at Rs 47 lakh crore, and India’s at Rs 22 lakh crore.
 

In closing, Gadkari reaffirmed the government’s commitment to advancing the EV sector and promoting sustainable energy sources to secure a greener future for India.