EV sales to touch 1 crore units by 2030: Economic Survey
The Hindu
‘Sector will create five crore direct and indirect jobs’
The domestic electric vehicles (EV) market is expected to touch one crore units in annual sales by 2030 and would create 5 crore direct and indirect jobs, according to the Economic Survey 2022-23.
The Survey tabled in the Parliament on Tuesday said that EV market was expected to grow at a compound annual growth rate (CAGR) of 49% between 2022 and 2030 and is likely to hit one crore units annual sales by 2030.
The Survey highlighted that the automotive industry was expected to play a critical role in the transition towards green energy, and further said the sector would create five crore direct and indirect jobs by 2030. .
Talking about the enhanced budget allocation under Faster Adoption and Manufacturing of EVs (FAME), the pre-Budget document said it was increased to ₹10,000 crore under phase-II (2019-24) from ₹895 crore in phase I (2014-19).
FAME-II sanctioned 2,877 charging stations in 68 cities and 1,576 charging stations across expressways/highways against 520 charging EV stations in FAME-I.
The scheme had envisaged support to one million 2-wheelers, 0.5 million 3-wheelers; 55,000 cars and 7,090 buses. It incentivised 7.1 lakh EVs, sanctioned 7,210 e-buses, of which 2,172 e-buses were deployed until December 2022.
The Survey noted that India became the third-largest automobile market in December 2022 by surpassing Japan and Germany in terms of sales.