Summary:

Mr. Nitin Gadkari, Union Minister, revealed that India's electric vehicle (EV) industry is estimated to grow to $235.13 billion (Rs. 20,00,000 crore) by 2030, creating 50 million jobs throughout the EV ecosystem. He predicted that the EV finance industry will reach $47.03 billion (Rs. 4,00,000 crore) by 2030. Gadkari emphasized the importance of transitioning to green energy, citing that transport accounts for 40% of India's air pollution.

India is facing an electric bus shortage, with a demand for one lakh buses but a current production capacity of only 50,000. Manufacturers are encouraged to expand and prioritize quality in EV manufacturing. Since Mr. Gadkari took office in 2014, India's vehicle sector has increased from $82.29 billion (Rs. 7 lakh crore) to $258.64 billion (Rs. 22 lakh crore), making India the world's third-largest automobile market, surpassing Japan.

Source: IBEF

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