Gadkari Projects ₹20 Lakh Crore Potential in India’s EV Market by 2030

Nitin Gadkari, the minister for road transport and highways, stated that the Indian electric vehicle market could reach ₹20 lakh crore and has the potential to generate approximately five crore jobs within the entire EV ecosystem by 2030.

In a video conference for the '8th Catalyst Conference on Sustainability of E-Vehicle Industry-Evexpo 2024,' Gadkari stated that the projected market size for financing electric vehicles is expected to reach approximately ₹4 lakh crore by 2030.

Pointing out that 40% of air pollution in India comes from the transport sector, he called on electric vehicle manufacturers to significantly enhance their production capabilities while maintaining high-quality standards. Gadkari mentioned, "There's a huge demand in both the domestic market and exports. The entire world is aiming for green power and the potential of EV industries is very huge."  

"With appropriate technology, futuristic research and planning and delivering on good quality of international standards, we can capture the world market," he stated. Referencing the shortage of electric buses in India, Gadkari mentioned that our nation needs one lakh electric buses, yet we have the capacity for only 50,000 buses. "I request all of you that this is the appropriate time that you can expand your factory," he added.

Discussing the advantages of increasing EV production, Gadkari highlighted that India's major issue is the substantial import of fossil fuels amounting to Rs 22 lakh crore annually. "The government is concentrating on green energy as 44% of India's power basket is solar power. We are giving highest priority for development of our hydro power, then solar power, green power, particularly from biomass," he noted.