EV Annual Sales To Reach 1 Crore By 2030, Generate 5 Crore Jobs, Says Nitin Gadkari

The value of the Indian EV market is expected to hit Rs 20 lakh crore by 2030, while the size of finance market is likely to reach Rs 4 lakh crore, the official noted

In terms of sales, the minister informed that electric two-wheelers contributed to 56 per cent of overall sales. In 2023-24, EV sales surged by 45 per cent in the country.

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The electric vehicles market in India is estimated to surge to touch 1 crore units in annual sales by the end of the decade, Union Minister Nitin Gadkari said on Tuesday. The minister said that EV annual sales are expected to reach 1 crore by 2030 and generate 5 crore employment opportunities. 

Speaking at the annual convention of Society of Indian Automobile Manufacturers (SIAM), the Road Transport and Highways Minister said that there is hope for India to become the leading automotive manufacturing hub globally in the future, reported PTI.

The value of the Indian EV market is expected to hit Rs 20 lakh crore by 2030, while the size of finance market is likely to reach Rs 4 lakh crore, the official noted.

In terms of sales, the minister informed that electric two-wheelers contributed to 56 per cent of overall sales. In 2023-24, EV sales surged by 45 per cent in the country.

In terms battery cell production, Gadkari said that India should become an exporter of lithium-ion battery globally as multiple firms are establishing their manufacturing units in the country following PLI schemes from the government.

The Union Minister noted that the auto industry would play a crucial role in the economic development of the country. “My dream is to make the Indian automobile industry the number one manufacturing hub in the world. India is already the third largest passenger vehicle maker in the world and the largest two-wheeler market,” Gadkari stated.

Talking about boosting old vehicle scrappage, the minister said automakers should take measures to promote its adaption. He informed that some players in the industry are offering discounts of up to 3 per cent on new vehicles for scrapped vehicles. He further noted that the firms are expected to take more steps and asked companies to establish their own scrapping centres and fitness testing centres for old vehicles to help make the auto scrappage policy successful.