According to Union Minister Nitin Gadkari, the Indian market for electric vehicles is predicted to reach the one crore unit annual sales level by 2030, generating five crore jobs.
The Minister for Road Transport and Highways, Nitin Gadkari, spoke at the annual convention of the Society of Indian Automobile Manufacturers (SIAM) and expressed the expectation that India will eventually become the global leader in automobile manufacturing.
“India’s EV market is expected to grow to one crore annual sales by 2030 and create five crore jobs,” he added.
The minister further mentioned that the Indian EV market potential is likely to touch Rs 20 lakh crore by 2030 across the entire EV ecosystem, with an estimated EV finance market size is Rs 4 lakh crore.
He added that it is anticipated that the price of lithium-ion batteries will continue to decline, making them more affordable and encouraging widespread use.
Sales of EVs increased by 45% in 2023–2024, and 400 startups have already begun producing electric motorcycles, he continued. Gadkari expressed confidence that with the government’s efforts to encourage battery cell manufacturing in India through the PLI scheme. “India will be in a position to export our lithium-ion battery to different parts of the world going forward, as many companies are setting up their cell manufacturing facilities in the country,” he said.
Gadkari added that the fact that certain players are offering discounts of up to 3% on new cars in exchange for scrapped vehicles is just the start and urged automakers to take action to encourage the scrappage of old vehicles. He stated that the automakers should deliver more.
In order to ensure the success of the auto scrappage strategy, he also requested the corporations to establish their own scrapping and fitness testing centers for outdated cars.
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