CIOTechOutlook Team | Friday, 20 December 2024, 05:58 IST
The Indian electric vehicle market is expected to reach ?20 lakh crore and could generate approximately five crore jobs throughout the entire EV ecosystem by 2030, according to Road Transport and Highways Minister Nitin Gadkari. Speaking at the '8th Catalyst Conference on Sustainability of E-Vehicle Industry-Evexpo 2024' via video conferencing, Gadkari mentioned that the projected electric vehicles financing market size is expected to reach approximately ?4 lakh crore by 2030.
Citing that the transport sector is responsible for 40% of air pollution in India, he called on electric vehicle manufacturers to significantly increase their capacities while maintaining quality standards. "There's a huge demand in both the domestic market and exports. The entire world is aiming for green power and the potential of EV industries is very huge," Gadkari said.
"With appropriate technology, futuristic research and planning and delivering on good quality of international standards, we can capture the world market," he said. Citing the case of shortages of electric buses in India, Gadkari said 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 that you can expand your factory," he said.
Discussing the advantages of increasing EV production, Gadkari remarked that India's primary challenge is the massive fossil fuel imports amounting to Rs 22 lakh crore annually. "The government is concentrating on green energy as 44% of India's power basket is solar power. We are giving highest priority for development of our hydro power, then solar power, green power, particularly from biomass," he said.
