EV Market To Grow To Rs 20 Lakh Crore By 2030: Nitin Gadkari

New Delhi: Union minister Nitin Gadkari on Thursday said that the electric vehicle (EV) market is expected to grow to Rs 20 lakh crore by 2030, with the potential to create five crore jobs in the country. “Currently 57 lakh electric vehicles are registered in India, with 7 per cent market penetration,” he said in an event.

The road transport and highways minister also highlighted that India's two largest two-wheeler vehicle manufacturers, Bajaj Auto and Hero MotoCorp, export more than 50 per cent of vehicles they produce. “There is demand for one lakh electric buses annually in India, but we are able to manufacture only 50,000-60,000 EV buses annually,” he said.

The government aims to make India's automobile industry number one in the world within five years. “The future of the Indian automobile industry is very good as the country has trained manpower. Within five years, our target is to make India's automobile industry the number 1 in the world it is difficult, but not impossible,” the minister said.

Gadkari also pointed out that the quality of vehicles manufactured in India is good and the cost is less, so all top automobile companies are present in the country. “When I took charge as transport minister, the size of the Indian automobile industry was Rs 14 lakh crore. The size of the Indian automobile industry is now Rs 22 lakh crore,” he said.

Presently, the size of the US automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 23 lakh crore). Gadkari, however, noted that India is spending Rs 22 lakh crore on importing fossil fuels and because of the import of fossil fuels, “we are facing a problem of pollution”.