Indian Economy News

EV industry may create 50 mn indirect jobs by 2030: IVCA-EY-Induslaw report

  • IBEF
  • July 28, 2022

According to an IVCA-EY-Induslaw analysis, EV sales in India are predicted to exceed 9 million units by 2027, with the sector expected to create more than 10 million direct and 50 million indirect employment by 2030. EV registrations were at 330,000 cars in 2021, a 168% increase over 2020. Sales of two- and three-wheelers increased by 48% and 47%, respectively, followed by passenger cars, which increased by 4%.

In 2021, the EV sector got US$ 6 billion in investment. This figure might rise to US$ 20 billion by 2030. In a hint that the EV sector is attracting the attention of private equity/venture capital investors in India, such investments are expected to increase from US$ 181 million to US$ 1,718 million during the same time, representing an 849% annual growth rate.

According to Mr. Rajat Tandon, president of the Indian Private Equity and Venture Capital Association (IVCA), the (PE/VC investment) has already reached US$ 666 million in 2022. He went on to say that, while the Indian start-up ecosystem was focused on technology adaptability and the environment, social factors had also risen to the top of their innovative topics. He predicted that this will enhance ESG (environmental, social, and governance) growth and climate-specific funds.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.