Indian EV market potential likely to touch Rs 20 trillion by 2030: Gadkari | Auto
 "Nitin Gadkari, Nitin, Gadkari")
New Delhi: Union Minister Nitin Gadkari addresses during the 6th edition of FICCI Road Safety Awards and Conclave 2024, in New Delhi, Wednesday, Aug. 28, 2024. (Photo: PTI)
Presently, there are 30 lakh electric vehicles registered in India with two wheelers making up 56 per cent of total sales. In 2023-24 there was a 45 per cent increase in sales of EVs, the minister noted.
During his address, Gadkari also asked the automakers to boost their efforts in promoting old vehicle scrappage. While some companies are currently offering discounts of up to 3 per cent on new vehicles for those who scrap their old ones, Gadkari said that more is expected from the industry.
Earlier, Gadkari had said that the cost of EVs is expected to match that of petrol and diesel vehicles within the next two years.
In March, the Centre approved a policy for the EV sector to attract investments in domestic manufacturing. As part of the policy, companies that are willing to set up manufacturing facilities for EV in India, will be allowed limited imports of cars at lower customs duty. This along with several other initiatives is being taken to leverage the growth of the EV sector in India, which is part of the Centre’s broader strategy to expand the sector and integrate it with the renewable energy industry.
The focus on the renewable energy sector is part of India’s commitment to a healthier planet by adopting eco-friendly practices in its development goals. The adoption of EVs in the country remains modest, with penetration rates at roughly 2 per cent for passenger vehicles and 6 per cent across all vehicle categories.
First Published: Sep 10 2024 | 5:48 PM IST
