India's EV sector poised for ₹20 trillion expansion, to generate 50 million jobs

India's electric vehicle sector is set for substantial expansion over the coming decade, with projections showing the market could reach ₹20 lakh crore by 2030 and generate approximately 50 million employment opportunities. Road Transport and Highways Minister Nitin Gadkari made the remarks while addressing a sustainability summit organised by the CII-ITC Centre of Excellence for Sustainable Development on Wednesday.

The Indian EV landscape has already shown considerable momentum, with 57 lakh electric vehicles currently registered across the country. Despite this growth, EV penetration remains at just seven per cent of the overall vehicle market, suggesting significant room for expansion. The sector's growth potential is further underscored by strong international competitiveness among Indian manufacturers, with leading two-wheeler producers Bajaj Auto and Hero MotoCorp exporting over 50 per cent of their production volumes.

A critical bottleneck exists in the electric bus segment, where annual demand is estimated at one lakh units but domestic manufacturing capacity stands at only 50,000 to 60,000 units annually. Addressing this gap remains essential for meeting India's broader transportation electrification goals. The government has set an ambitious target to establish India's automobile industry as the world's leading automotive hub within the next five years, with EV development positioned as a cornerstone of this strategy.