Nitin Gadkari Statement on India’s EV Market and Green Energy

Nitin Gadkari Statement on India’s EV Market and Green Energy

India’s electric vehicle (EV) market is set for massive growth, with a potential worth Rs 20 lakh crore by 2030. Nitin Gadkari highlights key developments, from EV sales to job creation and green energy initiatives.

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1. Growth in EV Sales:

• • In 2023-24, there was a 45% increase in sales of electric vehicles (EVs).
  • Around 400 startups have already started manufacturing electric two-wheelers.

2. Reduction in Battery Costs:

• • Lithium-ion battery costs are expected to decrease, improving affordability and driving mass adoption of EVs.

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3. Indian EV Market Potential by 2030:

• • The Indian electric vehicle market is expected to reach Rs 20 lakh crore by 2030.
  • This growth will create around 5 crore jobs across the entire EV ecosystem.

4. EV Finance Market Growth:

• • The finance market for electric vehicles is estimated to reach Rs 4 lakh crore by 2030.

5. Transport Sector Contribution to Pollution:

• • • The transport sector contributes to 40% of air pollution in India.
    • India imports fossil fuels worth Rs 22 lakh crore, creating economic challenges.

6. Focus on Green Energy:

• • The government is prioritizing green energy sources, with 44% of India’s power coming from solar energy.
  • Other green energy sources like hydropower and biomass are also being developed.

7. Shortage of Electric Buses:

• • India needs 1 lakh electric buses, but current capacity is only 50,000 buses.
  • Gadkari urges manufacturers to expand production capacity.

8. Quality Standards for EVs:

• • Gadkari emphasized the importance of maintaining high-quality standards in the production of electric vehicles.

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9. India’s Automobile Industry Growth:

• • India’s automobile industry grew from Rs 7 lakh crore in 2014 to Rs 22 lakh crore today.
  • India is now the third-largest automobile market in the world, surpassing Japan.

10. Global Automobile Industry Comparison:

• • The USA’s automobile industry is valued at Rs 78 lakh crore, while China’s is Rs 47 lakh crore. India stands at Rs 22 lakh crore.

With a rapidly growing EV market, India is paving the way for a greener, sustainable future. The shift to electric vehicles promises job creation, reduced pollution, and economic growth in the coming years.

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Disclaimer: This is not financial or investment advice. Please conduct your own due diligence or seek expert guidance for financial planning.

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