India Is Aiming To Become The EV Manufacturing Hub By 2030, According To Nitin Gadkari
The Union Minister for Road and Transport, Nitin Gadkari, recently announced that India is set to become the largest EV Maker in the world in the next 5 years. He was speaking at an event that saw the launch of the electric-powered cycle, focusing on the tantalizing prospect of alternative fuels.
Growth Of Indian Automotive Industry
According to Gadkari, in 2014, there was little to no support for EVs in India. However, the growth of EVs has been significant. The Indian Automotive Industry has grown from Rs. 14 lakh crore in 2014 to Rs. 22 lakh crore, making it the third largest automotive market in the world, surpassing Japan and just behind the USA and China.
Increase In Demand For EVs
The growth of EVs, specifically e-cycles, has been significant as the prices of lithium-ion batteries continue to fall. There is ongoing research happening on making the technology cheaper, fueling potential demand in future.
Gadkari also highlighted that the development of infrastructure to support EVs is crucial to mobilise the demand. The making of dedicated cycle tracks, similar to European cities, will help boost cycling in India.
Need For Investing In Alternative Fuels
The need for alternative fuels is massive, as India is spending Rs. 22 lakh crore on fossil fuel imports annually. It will also be important to produce bio-CNG, bitumen, and aviation fuel from agricultural waste like rice straw. In this manner, it will be potentially easier to justify spending on the alternative infrastructure.
Outlook
The plans for increased electrification seem to be with an effort to boost local manufacturing and cut down on excess spending. However, a clear strategy will need to be used rather than mirroring European cities, as Indian cities have different demands and require manufacturers to take a different approach compared to the rest of the world.
