Now Reading: India’s EV market to reach Rs 20 lakh crore by 2030
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India’s EV market to reach Rs 20 lakh crore by 2030
India's electric vehicle market is expected to grow to Rs 20 lakh crore by 2030 and create five crore jobs, Union Minister Nitin Gadkari said at a CII-ITC summit. Currently, 57 lakh…
India's electric vehicle market is expected to grow to Rs 20 lakh crore by 2030 and create five crore jobs, Union Minister Nitin Gadkari said at a CII-ITC summit. Currently, 57 lakh electric vehicles are registered in the country, with 7 per cent market penetration.
Gadkari said India aims to become the world's number one automobile industry within five years, calling the target difficult but not impossible. He noted the industry has grown from Rs 14 lakh crore when he took charge to Rs 22 lakh crore now. The US automobile industry is valued at Rs 78 lakh crore and China's at Rs 47 lakh crore.
The minister added that India spends Rs 22 lakh crore on fossil fuel imports, causing pollution, and highlighted biofuels as the future. The government aims to reduce logistics costs to 8 per cent from the current 10 per cent to boost global competitiveness.
Indian Opinion Analysis
Gadkari's projection of Rs 20 lakh crore for EVs alone is ambitious against the current total automobile industry size of Rs 22 lakh crore. The 5 crore jobs target would require massive scaling of manufacturing and charging infrastructure. India currently imports about 85 per cent of its lithium-ion battery cells, mostly from China, creating supply chain vulnerability. Under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme, the government has allocated Rs 10,000 crore in subsidies. The next milestone to watch is the rollout of FAME III, which will set actual purchase incentives and production targets for 2025-30.
Source: hr.economictimes.indiatimes.com
This brief was synthesised by AI from the source linked above.
