Nitin Gadkari: India’s electric vehicle market to reach 10 million annual units by 2030

Nitin Gadkari: India’s electric vehicle market to reach 10 million annual units by 2030

 

As per Nitin Gadkari, who is the Union Minister for Roads and Highways, India currently has 3 million electric vehicles that people have officially registered. He thinks that by the year 2030, about 10 million electric vehicles might be sold each year in India, and this could create around 50 million jobs.

According to him, EV sales have increased by 300% in 2022, and the market is predicted to reach $266 billion by 2030. He also notes that India has 400 EV start-ups.

Pollution is one of the biggest problems in India, Gadkari says at a conference on the safety of electric vehicles in Delhi. “Road transport in India accounts for 40% of CO2 emissions,” he says.

Gadkari claims that an expert committee made up of representatives from the DRDO and ISRO was established to improve the safety of electric vehicles after the nation experienced 30 fire accidents involving electric two-wheelers. He claims that “battery safety requirements were successfully updated.”

According to Gadkari, American businesses made a $1 billion investment in Indian EV startups in 2022. According to the Union minister, Rivian, Lucid, Fisker, and other significant American investors are now in talks with Tesla.

“US companies are welcome to set up EV manufacturing facilities for the entire EV segment in India,” he says. “India is an early-stage EV market with high growth potential. There is also potential for technology transfer and standards harmonization.” On EV battery management, Gadkari says the Lithium-ion battery recycling market will reach $7 billion by 2030.

After the United States and China, India has the third-largest market for passenger cars worldwide. According to Gadkari, the Center wants to make it the top market.

One of India’s top employers and exporters is the automobile sector. According to Gadkari, the country’s auto industry is expanding at a rate of 9.91% and is worth $150 billion. In contrast to its 49% contribution to manufacturing, the overall GDP contribution is 6.5%, he claims.

The Union minister asserts that the car industry has so far generated 40 million direct and indirect jobs and that India is also the world’s largest producer of two- and three-wheeled vehicles.

Gadkari will launch Toyota’s flexible-fuel vehicle on August 29. “I am going to launch a flex-fuel car Toyota Camry which will run on 100% bioethanol,” he says. “The petrol rate is ₹120 per liter and ethanol is ₹60 per liter. For this car, the average mileage is coming at 15-20 kilometers per liter,” says Gadkari.

According to the minister, the nation intends to build electrified roadways. Solar energy will be used to power these motorways, making it easier to charge buses and heavy-duty trucks. “I have a meeting with Tatas to make an electric highway from Delhi to Jaipur,” he says.

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Content Credit: FORTUNE INDIA