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Annual electric vehicle (EV) sales in India are expected to reach 10 million units by 2030, according to Gadkari.

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Transport Minister Nitin Gadkari has projected that India’s domestic electric vehicle (EV) market will grow into a INR 20 Lakh Cr ($250 billion) opportunity by 2030. Speaking at the annual Society of Indian Automobile Manufacturers (SIAM) convention on September 10, Gadkari expressed optimism that India will become the world's largest automotive manufacturing hub. He highlighted that the government’s Production Linked Incentive (PLI) scheme will drive battery cell manufacturing, positioning India as a future exporter of lithium-ion batteries.Gadkari also predicted that annual EV sales in India will reach 1 Cr (10 million) units by 2030, creating 5 Cr (50 million) jobs in the country. Additionally, he estimated that the Indian EV finance market will grow to INR 4 Lakh Cr ($50 billion) in the next six years. He noted that decreasing lithium-ion battery costs will make EVs more affordable, further accelerating adoption.Prime Minister Narendra Modi, in a written message to the event, urged the Indian automotive industry to prioritize green and clean mobility solutions. He emphasized that aligning with environmentally friendly and sustainable practices is crucial for India’s progress and should resonate with both domestic and international partners.Gadkari’s comments came shortly after his earlier statement suggesting there was no need for EV subsidies, which he later clarified, stating he had no objection to subsidies from the finance and heavy industries ministries.India’s EV sales have been rising in 2024 despite challenges such as high prices, limited charging infrastructure, and consumer concerns over range. Following a sharp dip in April, two-wheeler EV registrations have seen monthly growth in May, June, and July, before experiencing a slight decline in August. Meanwhile, the government is preparing to introduce the third phase of the Faster Adoption & Manufacturing of Electric Vehicles (FAME) scheme in the coming months.


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