The Indian Economic Survey 2023 has pegged the Indian EV market to hit 1 crore units in annual sales by 2030.

It pointed out that the domestic electric vehicles (EV) market is likely to grow at a compounded annual growth rate (CAGR) of 49% between 2022 and 2030, hitting 1 crore (10 million) units in annual sales by 2030.

The Survey highlighted that the government's production-linked incentive (PLI) scheme for advanced chemistry cells will encourage faster EV adoption. The scheme's lifetime runs from FY23 through FY27 and has an outlay of Rs 18,000 crore ($2.2 billion).

It is expected that the EV industry will create five crore direct and indirect jobs by 2030. To support and nurture this development, the government has undertaken multiple steps,” the Survey said.

Furthermore, the automotive industry is expected to play a critical role in the country's transition towards green energy.