Nitin Gadkari, Minister for Road Transport and Highways, Government of India, announced that India's electric vehicle (EV) market has the potential to reach a valuation of ₹20 lakh crore by 2030. Addressing the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024,' Gadkari highlighted that the burgeoning EV ecosystem could generate approximately five crore jobs across the industry in the coming years.

Tackling pollution through green mobility 

Gadkari emphasised the urgent need to address air pollution, with 40 per cent of India’s pollution attributed to the transport sector. He reaffirmed the government’s commitment to promoting green energy, noting that 44 per cent of India's power comes from renewable sources, particularly solar energy. “We are prioritising the development of hydro, solar, and biomass power,” Gadkari said, adding that solar energy has become a cornerstone in India’s renewable energy strategy.

Massive investments in EV and Ancillary Industries 

According to a recent report by Colliers India, domestic and international firms have committed investments worth ₹3.4 lakh crore in India’s EV and Ancillary Industries over the next six years. A significant portion of this investment is directed toward lithium-ion battery manufacturing, which is a critical component of the EV ecosystem. Jagdish Rai Singal, Founder & Chairman of JRS Eastman Group, remarked that this influx of capital would enhance production capabilities, drive technological innovation, and strengthen supply chains. “As India accelerates its green mobility push, these investments will position the country as a global hub for EV production while reducing carbon emissions,” Singal said.