India Economic Survey 2023: One crore electric vehicles will be sold every year in the country, 5 crore people will get employment

India Economic Survey 2023: India’s electric vehicle (EV) market is expected to grow to one crore units annually by 2030. Also, five crore direct and indirect jobs are expected to be created in the EV industry. This information has been given in the Economic Review 2022-23 presented in Parliament on Tuesday.

The Economic Survey states that in terms of sales, India has become the third largest vehicle market in the last month i.e. December 2022, leaving behind Japan and Germany. It states, “The automotive industry will play a key role in the transition towards green energy. The domestic EV industry is expected to grow at a rate of 49 percent annually till 2030. At the same time, by 2030, annual sales are expected to reach one crore units.

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Government took many steps
Industry estimates put the total EV sales in the country at around one million units during the last year. The Economic Survey also states, “The EV industry will generate five crore direct and indirect jobs by 2030.” The government has taken several steps to support this sector.” The review states that the vehicle sector accounts for 7.1 percent of the country’s total gross domestic product (GDP). The sector’s share in manufacturing GDP is 49 percent. By the end of 2021, 3.7 crore people had got direct and indirect employment in this sector.

Demand for electric vehicles increasing very fast
The demand for electric vehicles has increased rapidly in the country in the last few years. As a result, many big companies are now focusing only on electric vehicles. Tata Motors is currently the largest seller of electric cars. On the other hand, Mahindra and Hyundai have also joined the race. Both the companies have recently launched a new electric SUV car in the market. Recently, the country’s largest carmaker Maruti Suzuki has informed about entering the electric vehicle segment very soon.

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Tags: Budget, budget session, electrical, electric bicycle, electric bus, electric vehicle, Electric City Bus, electric scooter, electric vehicles, Electric Vehicles, Finance Minister Nirmala Sitharaman, Nirmala