EV adoption could save USD 10 bn, create millions of jobs by 2030: Amitabh Kant

admin admin | 07-10 16:20

"There is a need to develop a new overarching strategy for road transport that can accelerate the EV transition by 2030," Kant wrote in a post on X.
New Delhi: Highlighting the need to create a new overarching strategy for road transport that can boost transition to Electric Vehicles (EV), G20 Sherpa and former NITI Aayog CEO, Amitabh Kant on Tuesday said that EV adoption could save USD 10 billion and create millions of jobs by 2030.

"There is a need to develop a new overarching strategy for road transport that can accelerate the EV transition by 2030," Kant wrote in a post on X.

He also mentioned that this transition should focus on fully electrifying India's 50 most polluted cities by 2030.

"This could save USD 10 billion by 2030 and generate millions of jobs, positioning India as a global EV manufacturing leader," the G20 Sherpa mentioned.

Kant also shared an article written by him along with the post, in which he mentioned that the first step should be to electrify two-wheelers, three-wheelers, light commercial vehicles, and buses, as they are key contributors to tailpipe emissions.

"These cities alone account for over 40 per cent of the nation's vehicle registrations. If these cities achieve 100 per cent electrification in new vehicle sales by 2030, India will be well on its way to sharply reducing its oil needs," he said.

As per the World Air Quality Report 2023, India ranked among the top three countries with the highest PM2.5 levels and is home to 42 cities among the top 50 with the worst air quality.

As mentioned by Kant, transportation emissions play a significant role, accounting for 14 per cent of energy-related CO2 emissions in India and heavily contributing to PM2.5, PM10, and NOx emissions.

The EV market in the country is currently valued at USD 5.61 billion (2023) and is projected to reach USD 50 billion by 2030, potentially creating at least 5 million direct and up to 50 million indirect jobs, he noted.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.


ALSO READ

Volkswagen is reeling in China; Can EVs help it grow in the US?

But in the near term, Volkswagen CFO Arno Antlitz told Reuters the company expects to continue losin...

auto | 11 hours ago

2024 Budget: Sitharaman almost halves FAME allocation, no GST relief for EV industry

Nirmala SitharamanFinance Minister Nirmala Sitharaman has almost halved the allocation for the FAME ...

auto | 11 hours ago

Budget 2024-25: 'Critical Mineral Mission' to boost EV battery production

In the interim budget, the Finance Minister had hinted about the GoI’s strategy to promote energy se...

auto | 11 hours ago

Budget 2024-25: FM Nirmala Sitharaman unveils comprehensive employment and skilling initiatives

A new centrally sponsored skilling scheme will skill 20 lakh youth over five years. Union Budget 202...

auto | 11 hours ago

Budget 2024-25: Auto Inc. applauds policy continuation, skilling focus, but awaits more Govt commitment on EVs

Finance Minister Nirmala SitharamanUnion Budget 2024-25: With a focus on nine key areas, Finance Min...

auto | 11 hours ago

EV sector gets no direct benefits in the Budget, FAME III yet to be finalised

In various pre-Budget discussions with industry representatives, officials of the ministry of heavy ...

auto | 11 hours ago