6 days ago
Gadkari Projects India’s EV Market at Rs 20 Lakh Crore
Nitin Gadkari said India’s electric-vehicle market could become much bigger by 2030.
He estimated that it could be worth Rs 20 lakh crore.
He also said the market might create five crore jobs.
India currently has 57 lakh registered electric vehicles.
These vehicles make up about 7 per cent of the market.
India needs more electric buses than it currently makes.
Gadkari said the country wants its automobile industry to become the world’s largest within five years.
He also linked fossil-fuel imports to pollution.
The government wants lower logistics costs to help Indian businesses compete globally.
Union Minister Nitin Gadkari said India’s EV market could reach Rs 20 lakh crore by 2030 and potentially create five crore jobs.
India has 57 lakh registered electric vehicles, representing 7 per cent market penetration, according to Gadkari.
Annual demand for electric buses is one lakh, while domestic production is currently 50,000-60,000 buses.
The government aims to make India’s automobile industry the world’s largest within five years.
Gadkari said logistics costs have fallen from 16 per cent to 10 per cent, with a target of reducing them to 8 per cent.
- Who
- Union Road Transport and Highways Minister Nitin Gadkari discussed India’s electric-vehicle and automobile industries.
- What
- Gadkari projected EV-market growth and job creation, highlighted electric-bus production shortfalls, and outlined targets for automobile-industry leadership and lower logistics costs.
- Where
- New Delhi, at a summit organized by the CII-ITC Centre of Excellence for Sustainable Development.
- When
- The reports place the remarks on Wednesday; one report identifies the event as Thursday.
- Why
- The stated aims are to expand the automobile industry, create jobs, reduce fossil-fuel imports and pollution, and improve India’s competitiveness in global markets.
Key facts
- Projected EV market by 2030
- Rs 20 lakh crore
- Potential jobs by 2030
- Five crore
- Registered electric vehicles
- 57 lakh, with 7 per cent market penetration
- Electric-bus demand
- One lakh buses annually
- Electric-bus production
- 50,000-60,000 buses annually
- Automobile-industry target
- Become the world’s largest within five years
- Logistics-cost target
- Reduce costs to 8 per cent from 10 per cent; the reported earlier level was 16 per cent
Quotes
Nitin Gadkari
Union Minister for Road Transport and Highways
“Within five years, our target is to make India’s automobile industry the number 1 in the world… it is difficult, but not impossible,”
thehansindia.com
deccanchronicle.com
deccanchronicle.com
“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”
deccanchronicle.com
Sources
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