India May Become Top EV Market By 2030, Piyush Goyal States

- Advertisement -
- Advertisement -

Piyush Goyal stated that India is gaining global recognition for its rapid advancements in technologies such as advanced energy storage, e-mobility, and green hydrogen.

Minister of Commerce and Industry Piyush Goyal highlighted India’s growing status in the electric vehicle (EV) sector during the Bharat Mobility Global Expo 2024 inauguration. He emphasized that India is on a fast track to innovation in fields such as advanced energy storage, e-mobility, and green hydrogen. According to Goyal, India’s efforts in these areas are gathering international acclaim, positioning the country to potentially emerge as the world’s premier electric vehicle market by the year 2030.

This optimistic outlook is backed by ambitious targets set by Niti Aayog, the public policy think tank, which aims for a 30% EV penetration in India by 2030. Market analyses forecast a robust compound annual growth rate of 49% for the EV sector from 2022 to 2030. Presently, India ranks as the third-largest automobile market globally, with EV penetration rates currently between 3-5%, marking it as the fastest-growing electric vehicle market. The year 2023 witnessed a remarkable 49% year-on-year surge in electric vehicle sales, totalling 1.53 lakh units, predominantly led by two-wheeler segments. To date, it is estimated that around 7.6 lakh electric vehicles have been registered in India.

- Advertisement -

The Indian government is actively facilitating this early-stage adoption of electric vehicles through various incentives, including the Faster Adoption and Manufacturing of (Hybrid and) Electric Vehicles (FAME) scheme, which provides demand subsidies. Furthermore, a production-linked incentive scheme for the manufacturing of advanced chemistry cells aims to lower battery costs, enhancing the economic viability of electric vehicles.

Adding to the government’s support, Finance Minister Nirmala Sitharaman, in the interim budget for the fiscal year 2024-2025, pledged to expand and accelerate the electric vehicle ecosystem. This commitment involves increasing manufacturing capacities and charging infrastructure, as well as promoting the greater use of e-buses in public transport networks through a payment security mechanism, showcasing a holistic approach to fostering sustainable transportation solutions.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

How Effective Will The Global Biofuel Alliance Be?

0
From environmental benefits to economic opportunities, the potential of biofuels in revolutionising our energy landscape. India has made history by hosting the 18th G-20 summit...
Marina

Investments In Drone Industry Decline To US$1.7 billion

0
The 2023 data now separates drone company funding from AAM/eVTOL funding, which significantly boosted the total in 2020 and 2021. Drone companies received US$1.7 billion...

“Now’s A Great Time To Make In India”

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

Buzz

Quantum Circuits Logo

Quantum Circuits Appoints Ray Smets As CEO

0
His contributions to mobile networking technology have earned him over ten international patents. Quantum Circuits, Inc., a pioneer in fault-tolerant quantum computing, has announced the...

Jakson Green Signs Power Purchase Agreement With SECI

0
It is estimated to power 100,000 households annually, reduce 188,000 MT of carbon emissions each year, and boost job opportunities. Jakson Green, a leading player...

ZF Expands Aftermarket Commercial Vehicle Range With ADAS Sensors

0
Advanced Driver Assistance Systems (ADAS) are gaining traction in the commercial vehicle market. Since 2015, trucks have been required to have automatic emergency braking...

Important Sectors

Feb EV Sales: Electric Car Sales Decline, Startups Rise Once Again

0
Electric two-wheelers and electric three-wheelers continue to dominate the electric vehicle sales figures in India. Electric car adoption, on a larger scale, seems to...

Jakson Green Signs Power Purchase Agreement With SECI

0
It is estimated to power 100,000 households annually, reduce 188,000 MT of carbon emissions each year, and boost job opportunities. Jakson Green, a leading player...

ZF Expands Aftermarket Commercial Vehicle Range With ADAS Sensors

0
Advanced Driver Assistance Systems (ADAS) are gaining traction in the commercial vehicle market. Since 2015, trucks have been required to have automatic emergency braking...

Samsung Semiconductor India Research Launches New R&D Facility in Bangalore

0
The facility spans 1.6 lakh square feet across four floors and is designed to accommodate around 1,600 employees. Samsung Semiconductor India Research (SSIR) has inaugurated...
Intel, Digital India, CPU

Intel Eyes AI For Standalone Programmable Chip Unit Altera

0
The contract manufacturing customers, including Intel's own business units, may receive favorable pricing.  Intel's standalone programmable chip unit, Altera, is eyeing a significant opportunity in...

Manufacturing

Union Cabinet Approves CG-Led JV Proposal For OSAT Facility In Sanand

0
CG Power owns a 92.3% stake, while Renesas Electronics and Thai OSAT provider Stars Microelectronics will have 6.8% and 0.9% equity, respectively in the...

Govt Sanctions 3 Semiconductor Plants; Rs 1.26 Lakh Cr Investment

0
The Dholera (Gujarat) semiconductor fab will produce 50,000 wafers monthly. In contrast, the Morigaon (Assam) and Sanand (Gujarat) units will assemble, test, monitor, and...

“Now’s A Great Time To Make In India”

0
In news and in current affairs relevant to the current geopolitical situation, India is emerging as one of the fastest-growing electronics manufacturing services nations...

MeitY Secretary: Domestic Semiconductor Manufacturing Is The Next Big Thing

0
At the India Digital Summit (IDS) 2024, S Krishnan, Secretary of MeitY, highlighted that India is on the brink of a major move towards...

Tata Picks Somerset For UK Battery Plant

0
The Bridgewater factory, operated by the subsidiary Agratas, will initially produce batteries for JLR and Tata Motors; with a capacity of 40GWh, it will...