India’s electric vehicle (EV) market is on the verge of a major transformation, with projections estimating it will reach ₹20 trillion by 2030, potentially creating 50 million jobs. This dual narrative of opportunity and responsibility is encouraged by voices like Nikhil Kamath, co-founder of Zerodha, and Road Transport Minister Nitin Gadkari.
A prominent investor, Kamath views EVs as the “next big money move.” He emphasizes the critical role of advanced technology and cost efficiencies in driving EV adoption and diversifies his investments across scooters, buses, and air taxis.
He highlights that increasing awareness about climate issues could accelerate the shift to green mobility, saying, “The reduced per-kilometer cost of electric travel offsets the higher upfront expenses.”
On the policy front, the transport minister stresses the government’s commitment to making EVs a foundation of India’s green energy revolution. He highlights how the transport sector contributes 40% of the country’s air pollution, underlining the urgent need for sustainable alternatives.
“India requires 100,000 electric buses, but current production capacity is just 50,000,” Gadkari urges manufacturers to scale operations while maintaining global quality standards.
In addition to this Mr. Gadkari recently took a ride in Mahindra’s new electric SUVs, the BE.06 and XUV.09, and praised their innovation and design. He praised Indian automakers for their global competitiveness and advancements in EV technology.
The SUVs are part of Mahindra’s push towards a greener future in the automotive industry.
The coordination between policy and investment is evident in the broader renewable energy ecosystem. With 44% of India’s energy now sourced from renewables, initiatives like Battery Energy Storage Systems (BESS) are balancing supply-demand gaps and reducing emissions.
The EV sector’s rapid growth is also supported by market leaders like Tata Motors, which dominates electric cars with a 65% share. Electric two-wheelers accounted for 59% of EV sales in October 2024.
Both Kamath and Gadkari agree that India’s EV revolution offers unprecedented opportunities. While investors focus on profitability and innovation, policymakers target to reduce fossil fuel dependency and create a sustainable future.
Source:
