India’s electric vehicles (EV) market is likely to irritable one crore units annual sales by 2030, definite Economic Survey 2022-23 on Tuesday.
It said the EV market resolve creates five crore direct and indirect jobs. In December 2022, India became the third-largest auto market, surpassing Japan and Germany in terms of sales, said the study tabled in Parliament on Tuesday.
“The locomotive industry is expected to play a critical role in the transition near green energy. The domestic electric busses (EV) market is expected to grow at a compound annual growth rate (CAGR) of 49 percent between 2022 and 2030 and is expected to hit one crore units of annual auctions by 2030,” it said.
Further, the investigation said, “The EV industry will create 5 crore direct and subsidiary jobs by 2030. To support and breed this development, the government has undertaken multiple steps”.
The pre-Budget file also highlighted that the automobile sector is a key driver of India’s economic growth.