Nitin Gadkari Expects India's EV Industry To Create Five Crore Jobs By 2030

India's electric vehicle market would generate five crore jobs by reaching the annual sales mark of one crore units by 2030, according to Union Minister Nitin Gadkari. 

Gadkari was addressing the annual convention of the Society of Indian Automobile Manufacturers. The Minister for Road Transport and Highways also expressed his hope that India would become the world's leading automotive manufacturing hub.

"India's EV market is expected to grow to one crore annual sales by 2030 and create five crore jobs," he said.

The minister further stated that India's EV market potential is likely to reach Rs 20 lakh crore by 2030 across the entire EV ecosystem, with an estimated EV finance market size of Rs 4 lakh crore.

He also said the cost of lithium-ion batteries is expected to reduce further, aiding affordability and thus spurring mass adoption.

"Today, about 30 lakh electric vehicles are registered in India," Gadkari said, adding electric two-wheelers accounted for 56% of total sales.

In 2023-24 there was a 45% increase in sales of EVs, he said.

Gadkari expressed confidence that the government's efforts to encourage battery cell manufacturing in India through the PLI scheme will leave the country in a better position to export its lithium-ion battery to different parts of the world in the long run, due to many companies setting up their cell manufacturing facilities in the country.

Acknowledging the importance of the auto industry in India's economic development, the minister said the sector will play a key role in the mission of Prime Minister Narendra Modi and the government to make the Indian economy the third largest in the world.

"My dream is to make the Indian automobile industry the number one manufacturing hub in the world," he said, adding India is already the third largest passenger vehicle maker in the world and the largest two-wheeler market.

Gadkari urged automakers to take action to encourage the scrappage of old vehicles, noting that some players are already offering discounts of up to 3% on new vehicles in exchange for scrapped vehicles.

He stated that he had the companies set up their own scrapping centres as well as fitness testing centres for old vehicles to make the auto scrappage policy a success.

(With Inputs From PTI)