EV Sector Poised to Create 5 Million Jobs, says NITI Aayog

NITI Aayog convened an electric mobility enablers conference to give a big boost to the growth of electric mobility in the country.

The “Policy Support & Enablers to Accelerate India’s Electric Mobility”, as the conference was named, charted an effective roadmap for the growth of electric mobility in India.

It was organized on the sidelines of the fourth Energy Transition Working Group (ETWG) meeting under India’s G20 Presidency. The conference brought national and international stakeholders on a common platform to showcase the growth of India’s electric mobility ecosystem and deliberate viable pathways for further growth.

The conference had enriching discussions around themes such as ‘Develop Vibrant EV Ecosystem in States’ and ‘the National Electric Bus Programme’, which is a bold and visionary initiative. This initiative aims to revolutionize public transportation in India.

The event also witnessed high level dialogues around Electric Vehicle Finance Innovations and Future Electric Mobility Landscape. India’s EV market is expected to grow at an impressive compound annual growth rate (CAGR) of 49% from 2022 to 2030.

For this expected stupendous growth of the sector, rapid strides are being made towards achieving its target of 30% EV market share by 2030. The growth of EVs will not only impact the country’s economy positively, but also bring significant social and environmental benefits. These all factors accentuate India’s economic growth along low-carbon pathways, thereby facilitating the net zero vision of 2070.

Suman Bery, Vice Chairman, NITI Aayog, said, “The Indian EV industry’s expansion serves as a catalyst for job creation. This sector is expected to generate approximately 5 million direct and indirect employment opportunities by the end of the next decade.”

These stupendous prospects present a unique chance to address the dual challenges of sustainable urbanization and unemployment, ensuring a brighter future for the citizens and our planet. On this occasion, Chief Minister of Goa, Pramod Pandurang Sawant announced that from 2024, all new tourist vehicles will be mandated to be electric in the state, which marks a significant leap in Goa’s commitment to eco-friendly transportation.

Amitabh Kant, G20 Sherpa, emphasized the need to maintain the EV momentum in India. He said, a low-cost financing framework, a robust charging infrastructure, and collaborative efforts among central, state, and city authorities, all underpinned by a consistent policy framework, will shape the future of e-mobility in India.