Nitin Gadkari Envisions Five Crore Jobs from India’s EV Industry by 2030

Nitin Gadkari, India's Minister for Road Transport and Highways, has forecasted that the country’s electric vehicle (EV) industry could generate up to five crore jobs by 2030. Speaking at the annual convention of the Society of Indian Automobile Manufacturers, Gadkari highlighted the immense potential of India's EV market, predicting it could reach Rs 20 lakh crore across the entire ecosystem. He also estimated that the EV finance market alone could grow to Rs 4 lakh crore.

Gadkari anticipates that India’s annual EV sales will hit one crore units by 2030, with the electric vehicle sector contributing significantly to job creation. He noted that the current cost of lithium-ion batteries is expected to decrease further, which will enhance affordability and drive broader adoption of EVs. Presently, India has about 30 lakh registered electric vehicles, with electric two-wheelers representing 56% of total sales. The sales of EVs saw a notable 45% increase in the 2023-24 fiscal year.

The minister expressed optimism that the government's Production Linked Incentive (PLI) scheme, aimed at boosting battery cell manufacturing in India, will position the country as a key player in the global market for lithium-ion batteries. Gadkari underscored the strategic importance of the auto industry and the potential for India to emerge as a leading global automotive manufacturing hub.