EV Market To Hit Rs 20 Tn, Create 50 Million Jobs By 2030: Gadkari

ENA Sectors 2024-12-19 17:01:02 New Delhi, Dec 19 (KNN) Union Minister Nitin Gadkari projected that India's electric vehicle market could reach Rs 20 trillion by 2030, potentially generating 50 million jobs across the EV ecosystem. Speaking at the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024', he also estimated that the EV finance market size would approach Rs 4 trillion by the same period. Addressing environmental concerns, Gadkari highlighted that the transport sector contributes to 40 percent of India's air pollution. He emphasised the economic challenge posed by fossil fuel imports, which cost the nation Rs 22 trillion, while noting the government's focus on green energy development, with solar power now constituting 44 percent of India's power basket. The Minister identified critical infrastructure gaps in the EV sector, particularly noting that India's current electric bus manufacturing capacity of 50,000 units falls short of the country's requirement of 100,000 buses. He urged manufacturers to expand their production facilities to meet this growing demand while maintaining stringent quality standards. Reflecting on the automotive sector's growth, Gadkari noted that India's automobile industry has expanded significantly from Rs 7 trillion in 2014 to Rs 22 trillion currently, surpassing Japan to become the world's third-largest market. He provided context by comparing India's position with the United States (Rs 78 trillion) and China (Rs 47 trillion) in the global automotive market. The Minister emphasised the importance of diversifying India's energy portfolio, highlighting the government's prioritisation of hydropower, solar energy, and biomass-based power generation. These initiatives align with the country's broader goals of reducing fossil fuel dependence and promoting sustainable transportation solutions. (KNN Bureau) 40323 https://knnindia.co.in/news/newsdetails/sectors/ev-market-to-hit-rs-20-tn-create-50-million-jobs-by-2030-gadkari 2024-12-19 17:01:02 knnindia.co.in EV Market To Hit Rs 20 Tn, Create 50 Million Jobs By 2030: Gadkari