India’s electric vehicle (EV) market is expected to grow to Rs 20 lakh crore by 2030, with the potential to create five crore jobs, Union Minister Nitin Gadkari said on Wednesday.
Addressing a summit organised by the CII-ITC Centre of Excellence for Sustainable Development, Gadkari said that currently 57 lakh electric vehicles are registered in India, with 7 per cent market penetration.
“India’s electric vehicle(EV) market will be worth Rs 20 lakh crore by 2030. It will also create five crore jobs by 2030,” he said.
The road transport and highways minister 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.
Gadkari said 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.
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