Interim Budget's EV push may create 2,50,000 jobs in five years

Budget 2024: Following Finance Minister Nirmala Sitharaman's promise in the interim budget to support EV manufacturing and charging infrastructure, jobs in the electric vehicle segment is expected to receive a boost in the coming years.

As per experts quoted by The Economic Times, this will help increase the production and adoption of EVs and boost employment in the sector.

Support to EV manufacturing

Teamlease Service's CEO - Staffing Kartik Narayan told The Economic Times that India would need about 50,000 more charging units in the next 5 years and each charging unit would create 5 jobs. He also mentioned that increasing EV production will create about 2.5 lakh direct and indirect jobs in the next 4-5 years.

“About 2.5 lakh direct and indirect jobs could potentially be created in the next 4-5 years,” Kartik Narayan told The Economic Times. “India currently has about 7,000 charging stations and needs about 50,000 in the next 5 years. One charging station thumb rule is approximate 5 jobs - direct and indirect,” he added.

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Direct Jobs would include site engineers, deployment specialists, service technicians, among others.

EV adoption

Co-founder and CEO at Raptee Energy Dinesh Arjun told The Economic Times that the availability of public charges will make EV adoption easier. He further mentioned that EV companies will enjoy a deeper vendor ecosystem providing battery and other components for building make-in-India EV vehicles.

“The availability of public chargers across the country will significantly grow and EV companies will find higher market acceptance from its consumers and also attract investor interest,” said Dinesh Arjun, Co-founder and CEO, Raptee Energy.

“This will also break the ‘range anxiety’, the biggest barrier for EV adoption in our country and encourage entrepreneurs to do deeper innovation in the battery management segment and other technologies,” Arjun added.

“EV companies will also enjoy a deeper vendor ecosystem providing battery and other components for building make-in-India EV vehicles,” he said.