New Delhi: India has overtaken Japan to become the world’s third-largest automobile market, informed Union minister for road transport & highways Nitin Gadkari, at the Vibrant Gujarat Global Summit 2024. Addressing the ‘Electric Vehicle Manufacturing: Charging Ahead to 2047’ session organized by FICCI, Gadkari announced a remarkable 500% increase in electric vehicle (EV) sales in 2023 compared to 2021, projecting an annual growth rate of 50% by 2030.
Emphasizing India’s potential under PM Modi’s leadership, the minister urged the auto industry to capitalize on this momentum to make India the leading global hub for automobile manufacturing. “Invest, otherwise you will miss the bus,” he cautioned, anticipating annual EV sales of 1 crore and the creation of 5 crore jobs by 2030, spurred by decreasing lithium-ion battery costs.
Harsh Sanghavi, Gujarat’s Minister of State for Transport, highlighted the state’s pivotal role in deploying EVs in public transportation, backed by a policy-driven approach ensuring significant returns on investment. Mahendra Nath Pandey, Union Minister of Heavy Industries, reflected on the government’s continuous efforts since 2015 to create an EV-friendly ecosystem, with plans to commence production of Advanced Chemistry Cell (ACC) batteries by February 2024 under the guidance of PM Modi.
Sulajja Firodia Motwani, Chair of the FICCI Electric Vehicle Committee, projected India’s rise as a global leader in the EV sector by 2047, aiming beyond being a major market to becoming a hub for technology, components, and manufacturing for the global industry.
The summit also witnessed Union minister Dharmendra Pradhan’s insights on ‘Building Workforces for Future: Development of Skills for Industry 4.0’. He lauded Gujarat’s role as a trailblazer in skill development, aligned with advancements such as 5G, to prepare for the fourth industrial revolution.
Additionally, Union minister Sarbananda Sonowal addressed ‘Port-led City Development’, underscoring the strategic advantages of port-led industrialization. He highlighted India’s advancements in sustainable energy, including transforming major ports into hydrogen hubs.
