Union Minister Nitin Gadkari on Thursday said that the market potential of Indian electric vehicles is likely to touch Rs 20 lakh crore and will create around 5 crore jobs in the entire EV ecosystem by 2030.
Addressing the ‘8th Catalyst Conference on Sustainability of E-Vehicle Industry – Evexpo 2024’, Gadkari estimated the electric vehicle finance market size to be around Rs 4 lakh crore by 2030.
“The market potential of Indian electric vehicles is Rs 20 lakh crore by 2030, which will create five crore jobs across the entire EV ecosystem,” he said.
The Minister of Road Transport and Highways said that 40 percent of air pollution in India is caused by the transport sector.
“We import fossil fuel worth Rs 22 lakh crore, this is a huge economic challenge. And this fossil fuel import is creating many problems in our country,” Gadkari said.
According to the Union Minister, since 44 percent of India’s electricity is solar energy, the government is focusing on green energy.
“We are giving high priority to the development of our hydropower, followed by solar energy, green energy, especially biomass. And now solar energy is an important resource for all of us,” he said.
The minister also pointed out that there is a shortage of electric buses in India.
“Our country needs one lakh electric buses but our capacity is 50,000 buses. I request everyone that this is the right time to expand their factories,” he said.
Gadkari also asked the electric vehicle manufacturers not to compromise on quality.
He said that when he assumed the charge of Transport Minister in 2014, the size of India’s automobile industry was Rs 7 lakh crore. Today it (the size of the automobile sector) is 22 lakh crore rupees. Our number is third in the world. It has surpassed Japan,’ he said.