Centre Focuses on Electric Mobility, Gadkari Highlights EV Growth

India’s electric vehicle (EV) market is expected to witness significant growth over the coming years, Union Road Transport and Highways Minister Nitin Gadkari said. The country’s EV market could be worth Rs 20 lakh crore by 2030 and generate around five crore jobs, he said while addressing a meeting organised by the CII-ITC Centre of Excellence for Sustainable Development. Gadkari noted that 5.7 million EVs are currently registered in India, accounting for a 7% market share.

Gadkari also highlighted the growing demand for electric buses, saying India requires around one lakh EV buses annually but currently has the capacity to manufacture only 50,000-60,000 units a year. He said major two-wheeler manufacturers Bajaj Auto and Hero MotoCorp export more than half of their production. The government aims to make India the world’s number one automobile industry within five years, he said, adding that while the target is challenging, it is not impossible.