This ₹20,000 crore (approximately $2.7 billion) initiative is set to revolutionize Maharashtra's automotive industry, focusing on electric and hybrid vehicles.
The project is expected to generate approximately 16,000 direct and indirect jobs and produce around 400,000 cars annually. The government has allocated 850 acres of land specifically for vehicle production.
Chief Minister Eknath Shinde hailed the project as a “revolutionary step” for the state’s motor manufacturing sector.
Notably, India’s electric vehicle (EV) market is poised for significant growth. EVs could account for over 40% of India’s automotive market by 2030, generating more than $100 billion in revenue. The market is projected to grow from $23.38 billion in 2024 to $117.78 billion by 2032, exhibiting a CAGR of 22.4%2.
The EV industry is projected to create around 50 million direct and indirect jobs by 2030.
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