Union Minister of Road Transport & Highways Mr. Nitin Gadkari highlighted that the Indian electric vehicle (EV) market is projected to reach a potential of US$ 235.13 billion (Rs. 20,00,000 crore) by 2030, creating approximately 50 million jobs across the EV ecosystem.

Speaking at the ‘8th Catalyst Conference on Sustainability of the EV Industry – Evexpo 2024’, he noted that the electric vehicle financing market alone is expected to grow to US$ 47.03 billion (Rs. 4,00,000 crore) by 2030. He emphasised the urgent need for a shift towards green energy, citing that the transport sector causes 40% of air pollution in India.

Additionally, he pointed out that India currently imports fossil fuels worth US$ 258.64 billion (Rs. 22,00,000 crore), a significant economic challenge.  He also addressed the issue of electric bus shortages, stating that India requires one lakh electric buses.

However, the current production capacity stands at only 50,000. He encouraged manufacturers to expand their facilities to meet this demand and emphasised the importance of maintaining high quality in EV production.

Reflecting on the growth of India’s automobile industry, he mentioned that when he assumed office in 2014, the sector’s size was US$ 82.29 billion (Rs. 7,00,000 crore). It has since grown to US$ 258.64 billion (Rs. 22,00,000 crore), making India the third-largest automobile market globally, surpassing Japan. The US automobile industry is valued at US$ 917 billion (Rs. 78,00,000 crore), and China is at US$ 552.55 billion (Rs. 47,00,000 crore).