If India’s roads were filled with electric cars that reduced pollution and created millions of jobs?
According to Union Minister Nitin Gadkari, this dream might soon become a reality. At the 8th Catalyst Conference on Sustainability of the E-Vehicle Industry – Evexpo 2024, Gadkari estimated that Indian EV market could scale up to Rs 20 lakh crore by 2030, creating 5 crore jobs in the process.
A Billion-Dollar Opportunity
Air pollution in India is driven by transportation, so Shri Nitin Gadkari made the case for cleaner alternatives. “The world is converting to green power and India has to take the initiative”, he said, exhorting manufacturers to manufacture at scale without compromising quality.
Now the bigger question-will India eventually transition away from fossil fuels to clean energy fast enough to ensure its economic and environmental future?
Breaking Free from Costly Imports
India’s dependency on imports of fossil fuels — about Rs 22 lakh crore per year — is a big economic headache. Gadkari emphasized that renewable sources of energy, and especially solar, which already accounts for 44 per cent of India’s electricity supply, could help cut this dependency.
“We focus on green energy. This is not an option but an imperative,” he added, urging a faster push into sustainable technologies.
Bridging the Demand-Supply Gap
Demand for electric buses in India is increasing exponentially, but the current production capacity of 50,000 buses is not enough to supply 1 lakh. Gadkari encouraged the producers to get in on this bandwagon and scale up.
‘It’s the perfect moment to crank up the production and get into the boom’ he pointed out, signalling untapped potential for entrepreneurs and investors alike.
Racing to the Top
Its automobile industry in India is already on a phenomenal upward trajectory from Rs 7 lakh crore in 2014 to Rs 22 lakh crore now. Today, it surpasses Japan to be the third largest automobile market in the world.
“The USA is leading with Rs 78 lakh crore, China is following with Rs 47 lakh crore. And India can catch up,” Gadkari added citing India’s rapid rise in the world economy.
But what’s the question — can India lead the EV world before its global competitors?
Future-Proofing with Innovation
The EV market is up 45 percent from 2023-24, and there are already more than 400 startups making electric 2-wheelers. Lower prices for lithium-ion batteries are poised to drive adoption further.
“Quality and innovation will determine India’s international competitiveness,” Gadkari insisted, urging manufacturers to develop the technologies that are out-of-this-world to take the EV revolution to the next level worldwide.
The Road Ahead
With the state investing in more solar, hydro and biomass, Nitin Gadkari’s dream of a green and self-sufficient India looks closer than ever.
The facts are obvious- Rs 20 lakh crore in market capitalization, 5 crore employments and a chance to lead the world in sustainable transport.
Our electric future has begun. The only problem is- how fast can India ramp up to this revolutionary and radical vision?
