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EV market Nitin Gadkari: At present India is passing through a big problem, its name is unemployment. The central government is making a lot of efforts to solve it, but it is not getting the expected results. So! Soon a big improvement will be seen in this. We know that the Government of India is trying to shift the country’s automobile industry to EVs. Efforts are going on continuously from the government to the companies. A report has revealed the picture of changing India. According to the Economic Survey 2022-23, India’s electric vehicle (EV) market is expected to grow to one crore units of annual sales by 2030 and generate 50 million direct and indirect jobs.
EV’s call in the country’s parliament
The survey presented in Parliament on Tuesday said that in December 2022, India will become the third largest automobile market in terms of sales, leaving behind Japan and Germany. The EV industry is expected to play an important role in driving the automotive industry towards green energy. The domestic electric vehicle (EV) market is expected to grow at a compound annual growth rate (CAGR) of 49 percent between 2022 and 2030 and is said to hit one crore units of annual sales by 2030. Let us tell you that in 2022, the total EV sales in India will be around 10 lakh units. EV industry will generate 5 crore direct and indirect jobs by 2030.
The spark of job has started burning
In December 2022, India will overtake Japan and Germany to become the third largest automobile market in terms of sales. In 2021, India was the largest manufacturer of two-wheelers and three-wheelers and the world’s fourth largest manufacturer of passenger cars. The importance of this sector is gauged from the fact that it contributes 7.1 per cent to the overall GDP and 49 per cent to the manufacturing GDP, generating direct and indirect employment of 37 million by the end of 2021.
Government is encouraging
Under the government’s Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme, with a budget outlay of Rs 10,000 crore, between 2019 and 2024, the survey said the scheme has given an impetus to 7.1 lakh EVs, 7,210 e buses have been approved, of which 2,172 e-buses have been deployed by December 2022. The scheme envisages supporting 1 million two-wheelers, 0.5 million three-wheelers, 55,000 cars and 7,090 buses. According to the Automotive Component Manufacturers Association of India (ACMA), the auto components industry is set to witness a growth of 34.8 per cent to Rs 2.65 lakh crore in the first half of 2022-23 on domestic demand, especially from the passenger vehicles segment. Was riding Exports of components grew by 8.6 per cent to $10.1 billion (Rs 79.03 lakh crore) during the period, while imports grew by 17.2 per cent to $10.1 billion (Rs 79.8 lakh crore). The industry clocked a turnover of Rs 4,20,621 crore in 2021-22 as against Rs 3,40,733 crore in 2020-21.
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