Indiaās electric vehicles (EV) market is expect to grow to one crore units annual sales by 2030 and create 5 crore direct and indirect jobs, as per the Economic Survey 2022-23. The survey present in Parliament said that in December 2022, India became the third-largest automobile market, surpassing Japan and Germany in terms of sales.
As per Economic Survey :
As per industry estimates, the totalĀ EVĀ sales in India stood at around 10 lakh units in 2022.
Economic Survey said :
The pre-Budget document also highlight that the automobile sector is a key driver of Indiaās economic growth.
As per Economic Survey :
In 2021, India was the largest manufacturer of two-wheeler and three-wheeler vehicles and the worldās fourth-largest manufacturer of passenger cars.
Economic Survey Said :
Under the governmentās Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme, between 2019 and 2024, with a budget outlay of Rs 10,000 crore, the survey said the scheme has incentivise 7.1 lakh EVs, sanction 7,210 e-buses out of which 2,172 e-buses have deploy until December 2022.
The scheme had envisage supporting 1 million two-wheelers, 0.5 million three-wheelers; 55,000 cars and 7,090 buses.
The survey also point out the rising sales of auto components.
According to the Automotive Component Manufacturers Association of India (ACMA), the auto components industry witness a 34.8% growth to Rs 2.65 lakh crore in the first half of 2022-23, riding on domestic demand, particularly from the passenger vehicles segment.
During the period, exports of components grew by 8.6% to $10.1 billion (Rs 79.03 lakh crore), while imports climbed 17.2% to $10.1 billion (Rs 79.8 lakh crore).
The industry clock a turnover of Rs 4,20,621 crore in 2021-22, up from Rs 3,40,733 crore in 2020-21.