New Delhi

Union minister Nitin Gadkari on Thursday said the Indian electric vehicle market potential is likely to touch Rs 20 lakh crore and will create around 5 crore jobs across the entire EV ecosystem by 2030.

Addressing the '8th Catalyst Conference on Sustainability of E-Vehicle Industry - Evexpo 2024', Gadkari said estimated electric vehicles finance market size will be around Rs 4 lakh crore by 2030.

"The Indian electric vehicles market potential is of Rs 20 lakh crore by 2030, creating five crore jobs across the entire EV ecosystem," he said.

The road transport and highways minister said 40 per cent of air pollution in India is because of the transport sector. "We import fossil fuels worth Rs 22 lakh crore, that is a big economic challenge. And this import of fossil fuels is creating a lot of problems in our country," Gadkari said.

Gadkari said the government is concentrating on green energy as 44 per cent of India's power basket is solar power. "We are giving highest priority for development of our hydro power, then solar power, green power, particularly from biomass," he said.