Revving Up: India's Electric Vehicle Market Set for Explosive Growth

Union Minister Nitin Gadkari highlighted the enormous potential of the Indian electric vehicle market, projected to reach Rs 20 lakh crore by 2030, creating 5 crore jobs. The focus on green energy and the challenges posed by air pollution and fossil fuel importation are driving the growth of the EV sector.

Union Minister Nitin Gadkari announced that the Indian electric vehicle market is expected to reach Rs 20 lakh crore by 2030, providing employment for around 5 crore people in the EV ecosystem.

Speaking at the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024,' Gadkari estimated that the market for electric vehicle financing will hit Rs 4 lakh crore by 2030.

He pointed out that the transport sector contributes 40% of India's air pollution and addressed the economic challenges posed by the Rs 22 lakh crore spent on fossil fuel imports.

Emphasizing the need for cleaner energy, Gadkari noted that 44% of India's power comes from solar, with significant investments in hydro, solar, and biomass energy.

The minister also highlighted the need for scaling up production of electric buses, encouraging manufacturers to expand capacity and maintain quality standards.

The size of India's automobile sector has tripled since 2014, now ranked third globally, surpassing Japan.

(With inputs from agencies.)