18 Sep 2024
India’s electric vehicle (EV) market is on track to reach one crore units in annual sales by 2030, according to Union Minister Nitin Gadkari. Additionally, this expansion is expected to create five crore new jobs, highlighting the sector's potential for economic growth.
Key Highlights of India’s EV Market Expansion
Significant Sales Growth: The EV market is projected to achieve one crore units in annual sales by 2030. Moreover, this surge will generate five crore jobs, reflecting a substantial boost to the job market.
Financial Potential: Gadkari estimated that the total EV market could reach Rs 20 lakh crore by 2030. Furthermore, the EV finance market is expected to grow to Rs 4 lakh crore, supporting the sector’s financial ecosystem.
Cost Reduction for Lithium-Ion Batteries: The cost of lithium-ion batteries is anticipated to decrease, which will enhance affordability and accelerate the adoption of EVs.
Current Market Trends and Growth
Currently, India has around 30 lakh electric vehicles registered. Among these, electric two-wheelers make up 56% of the total sales. This shows that more people are choosing electric vehicles.
In the year 2023-24, the number of electric vehicles sold increased by 45%. This significant rise highlights how quickly the market for electric vehicles is growing.
Government Initiatives and Future Prospects
The government’s Production Linked Incentive (PLI) scheme is designed to boost the production of battery cells in India. As a result, India is expected to play a major role in the global market for lithium-ion batteries.
Union Minister Nitin Gadkari pointed out that the auto industry is crucial for India's economic growth. Moreover, it will play a key role in helping Prime Minister Narendra Modi achieve his goal of making India the third-largest economy in the world. Additionally, Gadkari hopes to make India the top automotive manufacturing hub globally.
Promoting Scrappage and Sustainability
Union Minister Nitin Gadkari has encouraged car makers to focus more on scrapping old vehicles. He mentioned that some companies offer discounts of up to 3% on new cars when customers trade in their old ones. Gadkari also suggested setting up more centres for scrapping old vehicles and checking their fitness to support this policy.
He also stressed the need for sustainable practices in the auto industry. Gadkari is committed to innovation and eco-friendly methods, supporting India’s goal to become carbon neutral by 2070.
Leadership Statements
Nitin Gadkari’s Vision: "India's EV market is on a path to significant growth. Our goal of reaching one crore annual sales by 2030 will create numerous jobs and enhance our position in the global automotive industry," said Gadkari.
Impact on the Industry: Gadkari also highlighted the importance of the auto industry in supporting India’s economic growth. "Our efforts in boosting EV sales and supporting battery manufacturing are crucial steps toward a greener and more sustainable future," he added.
The expected job creation, financial growth, and advancements in battery technology highlight a promising future for electric mobility. Consequently, these developments will play a crucial role in advancing India’s position in the global automotive landscape and contributing to a more sustainable future.
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