Amid Rising Fossil Fuel Imports, Nitin Gadkari Optimistic About Indian EV Market, Projects 5 Crore Jobs by 2030

Indian EV Market: India’s transition towards electric vehicles (EVs) is gaining momentum, with Union Minister Nitin Gadkari making bold predictions about the Indian EV sector’s future. At the 8th Catalyst Conference on Sustainability of the EV Industry - Evexpo 2024, Gadkari revealed that the Indian EV market is set to create a staggering 5 crore jobs by 2030. This surge in job opportunities is directly tied to India’s push for green energy and a cleaner future, highlighting the importance of the EV sector in tackling environmental and economic challenges.

The Economic and Environmental Imperative

Nitin Gadkari addressed two critical concerns facing the nation today: fossil fuel dependence and air pollution. India’s current import bill for fossil fuels stands at a whopping Rs 22 lakh crore. This dependency not only drains the economy but also contributes significantly to air pollution, particularly in the transport sector. Gadkari emphasised that nearly half of the nation’s air pollution comes from transportation, making the shift to electric vehicles even more urgent.

"The import of fossil fuels is creating a lot of problems in our country," Gadkari said, pointing out that the government’s focus on transitioning to green energy sources like solar and hydro power is the solution to these issues.

The Indian EV Market Potential: Jobs and Economic Growth

The Indian EV sector has enormous growth potential, with estimates suggesting the market could touch Rs 20 lakh crore by 2030. Nitin Gadkari envisions this growth generating five crore jobs across the EV ecosystem, ranging from manufacturing to research and development. The finance market surrounding EVs is also poised to reach Rs 4 lakh crore, further underlining the sector’s pivotal role in India’s economic future.

The demand for electric buses is another key area of focus. With India needing one lakh electric buses, the existing capacity of 50,000 buses falls short. Gadkari urged auto companies to ramp up production, stressing that the time is ripe to expand factories without compromising on quality.

A Competitive Edge in Global Automobile Market

Nitin Gadkari also highlighted the significant progress India’s automobile industry has made. Under his leadership, the size of India’s automobile sector has grown from Rs 7 lakh crore in 2014 to Rs 22 lakh crore today, making India the third-largest automobile market in the world, behind the USA and China. With a strong push towards quality and innovation, Gadkari is determined to ensure that India competes with China for the top spot in the global automobile sector within the next five years.