Nitin Gadkari: India Electric Vehicle Market to Grow to 1 Crore Annual Sales by 2030

Nitin Gadkari, Minister for Road Transport and Highways, addressed a variety of issues while speaking at the 64th convention of the Society of Indian Automobile Manufacturers (SIAM), the most significant of which focused on India's growing EV market. In terms of numbers, the minister estimated that over 30 lakh electric vehicles registered in the country today. He also estimated that India's EV market would produce one crore sales annually by 2030, creating five crore jobs. Regarding the encouragement of electric vehicles, the Union Minister stated that although he is not 'against' both diesel and petrol, he does believe that public health should be safeguarded against rising pollution.

For the uninitiated, Gadkari has consistently been a passionate advocate for sustainable energy. Last December, at the EV Expo, he made a similar remark on increased sales expectations of EVs by 2030. 

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Apart from electric vehicles, Gadkari also discussed the possibilities of the scrapping and the use of alternative fuels like hydrogen and CNG for both environmental and economic advantages. He said that the scrapping industry may benefit both the government and automakers. For now, India has 63 operating scrapping centres, 60 under development, and 40 in the pipeline.

Gadkari asserts that these numbers are insufficient for India's automobile population. At the SIAM event, the Union Minister encouraged carmakers to build scrapping centres, citing sales growth of 12% and 15% in Germany and the US, respectively. In India, the revenues might increase by 18-20%, potentially creating 35,000 jobs. He was also appreciative to SIAM for providing a 3% discount on new auto purchases in exchange for old cars being scrapped. 

He also said that 'the automobile industry plays a pivotal role in realizing the Prime Minister's vision of transforming India into a 5 trillion-dollar economy and elevating it to the third largest economy globally. Our ambition is to extend it as the number one auto manufacturing industry worldwide. As we target a carbon-neutral status by 2070, innovation and sustainable practices in the auto sector are crucial.'

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Vinod Aggarwal, President of SIAM and Managing Director & CEO of Volvo Eicher Commercial Vehicles Ltd. said 'The automobile industry is keeping pace and setting the standards for sustainable growth. Contributing 6.8% to the GDP and witnessing an impressive 12.5% growth last year alone, the industry’s turnover has soared to ₹20 lakh crore. As we look towards 'Viksit Bharat 2047', SIAM’s commitment to decarbonisation and safety is steadfast. With initiatives like the FAME program fuelling a 90% growth in EVs Passenger Vehicles, along with Ethanol and Gaseous fuels we are steering towards cleaner, greener mobility.'