E-vehicle industry will create 5 crore jobs by 2030

Sales of electric vehicles will grow at a CAGR of 49% between 2022 and 2030 with the Economic Survey forecasting that annual volumes of green vehicles will hit one crore units by end of the decade. While being bullish on greens, it sounded a note of caution for the automotive industry in near-term due to higher borrowing costs and tempering global demand.

“The automotive industry is expected to play a critical role in the transition towards green energy. The EV industry will create five crore direct and indirect jobs by 2030,” the survey said, adding the government had undertaken “multiple steps” to support the development.

The survey also said personal mobility came back strongly post the pandemic outbreak.