Indian EV market to touch Rs 20 lakh Cr by 2030, create 5 Cr jobs: Nitin Gadkari

Union minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to touch Rs 20 lakh crore and will create around 5 crore jobs across the entire EV ecosystem by 2030.

Addressing the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024', Gadkari said the estimated electric vehicles finance market size will be around Rs 4 lakh crore by 2030.

"The Indian electric vehicles market potential is of Rs 20 lakh crore by 2030, creating five crore jobs across the entire EV ecosystem," he said.

The road transport and highways minister said 40% of air pollution in India is caused by the transport sector.

"We import fossil fuels worth Rs 22 lakh crore, that is a big economic challenge. And this import of fossil fuels is creating a lot of problems in our country," Gadkari said.

According to the Union Minister, the government is concentrating on green energy as 44% of India's power basket is solar power.

"We are giving the highest priority for the development of our hydro power, then solar power, green power, particularly from biomass. And now solar power is one of the important sources for all of us," he said.

The minister also pointed out that India is facing shortages of electric buses.

"Our country requires one lakh electric buses but our capacity is 50,000 buses. I request all of you that this is the appropriate time to expand your factory," he said.

Gadkari also asked electric vehicle manufacturers not to compromise with the quality.

He said the size of India's automobile industry was Rs 7 lakh crore when he took charge as transport minister in 2014. "Today it (the size of the automobile sector) is Rs 22 lakh crore. Our number is third in the world. We just surpassed Japan," he said.