Annual EV Sales To Touch 1 Cr Mark In India By 2030: Nitin Gadkari

Transport minister Nitin Gadkari has said that annual electric vehicle (EV) sales in India will touch the 1 Cr mark by 2030. 

Gadkari also said that the boom in EV sales will create 5 Cr jobs in the country by the end of this decade, PTI reported. He added that the homegrown EV market will become an INR 20 Lakh Cr opportunity by 2030. 

Addressing the annual convention of Society of Indian Automobile Manufacturers (SIAM) on Tuesday (September 10), the minister also estimated that the Indian EV finance market will balloon to a size of INR 4 Lakh Cr in the next six years. 

Expressing hope that India will become the biggest global automotive manufacturing hub in the future, Gadkari said he expects the cost of lithium-ion batteries to come down further, enabling affordability and fueling mass adoption of EVs. 

Asserting confidence that Centre’s production linked incentive (PLI) scheme will spur battery cell manufacturing in India, Gadkari said, “India will be in a position to export our lithium-ion battery to different parts of the world going forward, as many companies are setting up their cell manufacturing facilities in the country”.

Meanwhile, in a written address at the event, Prime Minister Narendra Modi called on the Indian automotive industry to build green and clean mobility solutions. 

“Working (on) greener and cleaner mobility is a vital step in this direction (country’s progress). It is important that this climate-conscious and sustainable vision resonates with domestic and international partners,” PM Modi said as per PTI. 

The comments came days after Gadkari said that there was no need for EV subsidies. He later clarified that he had no objection towards subsidies for EVs from the finance and heavy industries ministers.

It must be highlighted that EV sales have largely been on an upswing so far in 2024. After tanking by half month-on-month (MoM) in April, two-wheeler electric vehicle registrations grew 18% MoM in May and 3.3% MoM in June. The numbers further rose 34% MoM in July before falling 18% MoM in August. 

Despite headwinds such as high prices, insufficient charging infrastructure and range anxiety among customers, sales of EVs have been on the rise owing to the sops being offered by the Centre and state governments. 

Meanwhile, the Centre is planning to roll out the third version of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme in the coming two months.