(MENAFN- KNN India)
New Delhi, Sep 11 (KNN) In a significant development for India's electric vehicle (EV) industry, Union Minister of Road transport and Highways, Nitin Gadkari, announced on Tuesday that the country is set to become a key player in the global lithium-ion battery market.
Speaking at the 64th convention of the Society of Indian Automobile Manufacturers (SIAM) in New Delhi, Gadkari expressed confidence in India's ability to soon export lithium-ion batteries worldwide, stating,“I'm confident that we'll be in a position to export lithium-ion batteries to different parts of the world. The research is progressing rapidly, exploring aluminium, ironic oil, and various types of chemistry.”
Gadkari credited government policies and incentives for encouraging major Indian companies like Adani, Tata, and Maruti, along with global giants LG and Samsung, to invest in lithium-ion battery manufacturing.
Drawing a parallel with the semiconductor sector, he highlighted how government policies have enabled India to emerge as a global leader in semiconductor production, predicting that India would soon dominate lithium-ion manufacturing as well.
The Union Minister projected exponential growth in India's EV market, estimating it would reach one crore units in annual sales by 2030 and generate around five crore jobs.
He emphasised the market's potential to grow to Rs 20 lakh crore by 2030, urging the automotive industry to prioritise quality, innovation, and cutting-edge technology to enhance global competitiveness.
Gadkari noted that Indian consumers are increasingly focused on high-quality products, and manufacturers must respond to this demand.
Additionally, Gadkari outlined plans for a world-class vehicle testing facility at the CIIT Training Institute in Pune, with a sanctioned cost of Rs 450 crore. The facility aims to boost research, development, and testing capabilities, aligning with international standards.
The minister also stressed the importance of India's scrappage policy, urging the industry to promote vehicle scrappage with better incentives.
He praised the decision to offer a 3 percent discount to vehicle owners who scrap their old vehicles and noted that component costs could drop by 20-40 percent due to the policy. He encouraged manufacturers to establish their own scrappage centres to further enhance sustainability.
Gadkari concluded by reinforcing the automotive sector's critical role in realising Prime Minister Narendra Modi's vision of transforming India into a USD 5 trillion economy and the third-largest economy globally, while also working towards a carbon-neutral status by 2070.
(KNN Bureau)
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