Nitin Gadkari Highlights India’s Vision to Dominate Global EV Industry in 8th Catalyst Conference 2024 – Asia Pacific

The 21st EV EXPO 2024 has commenced at Pragati Maidan, New Delhi, featuring the 8th Catalyst Conference on the sustainability of the electric vehicle (EV) industry.

Organized in collaboration with the International Centre for Automotive Technology (ICAT), the event brought together industry representatives, regulatory authorities, and entrepreneurs to discuss the future of electric mobility.

Minister for Road Transport & Highways, Nitin Gadkari, inaugurated the conference via video link from Nagpur. Addressing the gathering, he emphasized India’s commitment to combating rising pollution levels and reducing its dependency on fossil fuel imports, which currently amount to INR 22 lakh crore annually. He reiterated the government’s focus on transitioning mass transportation systems to electric vehicles and achieving carbon neutrality by 2070.

Nitin Gadkari, Minister for Road Transport & Highways, commented, “India’s EV market is experiencing unprecedented growth, with 30 lakh EVs sold in 2023-24, marking a 45 percent increase and achieving 6.4 percent market penetration. With over 400 startups driving innovation, electric two-wheelers now comprise 56 percent of total two-wheeler sales. By 2030, this burgeoning market is projected to reach INR 20 lakh crore, creating 5 crore jobs and transforming the economy. Our reserves of 6 million tonnes of lithium in Jammu & Kashmir, accounting for 6 percent of the global stock, are sufficient to produce 60 crore EVs, offering a monumental advantage in reducing dependence on imports. Additionally, advancements in battery technology are rapidly reducing costs, with the lifecycle cost of lithium-ion batteries expected to drop below $100 per kilowatt-hour within six months.”

“The recycling market also presents a golden opportunity, with the lithium-ion battery recycling sector estimated to grow to INR 50,000 crore by 2030. To secure our position as a global EV leader, we must expand production tenfold, focus on superior technology, maintain uncompromising quality standards, and capitalize on our unique advantages. With proven technology, economic viability, and a commitment to innovation, India can compete with global giants like China and establish itself as a world leader in the EV industry,” added Nitin Gadkari.

He concluded by envisioning India’s automobile industry becoming the world’s largest within five years, with significant contributions from the EV sector.

Prominent attendees included Saurabh Dalela, Director of ICAT; Balraj Bhanot, ex-Chairman of the TED Committee, BIS; Yash Pal Sachar, VP of Corporate Affairs at Ashok Leyland; Anuj Sharma, President of the Electric Vehicle Federation; and Rajiv Arora, organizer of EV Expo. The conference featured several panel discussions on the sustainability and future of the EV industry.

Celebrating a decade of success, the 21st EV Expo 2024 runs from December 20-22 in Hall Nos. 1 & 2 of Pragati Maidan. The event showcases cutting-edge innovations, industry collaborations, and evolving technologies, with participation from around 200 exhibitors from India and abroad. The expo serves as a platform for entrepreneurs, startups, industry leaders, and EV enthusiasts to engage in transformative discussions shaping the future of mobility.

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