Indian EV market to expand up to Rs 21 lakh crore by the year 2030: Gadkari
The Indian electric vehicle market is expected to expand up to approximately Rs 21 lakh crore by the year 2030 and will create almost five crore new jobs, Nitin Gadkari, Union Road Transport and Highways Minister, said on Thursday.
In response to a question about the growth of the EV industry asked by BJP MP PC Mody in the Lok Sabha, Gadkari told the House that there are currently 57 lakh registered EVs in the nation, and sales have significantly increased during the fiscal year 2024 to 2025.
Further, Gadkari said that while sales of diesel and petrol-powered cars increased by 4.2 per cent over that time, EV passenger car sales increased by 20.8 per cent. Sales of electric two-wheelers rose by 33%, while sales of petrol and diesel two-wheelers grew by 14%. Sales of electric three-wheelers increased by 18%, compared to a 6% growth in sales of their fuel and diesel equivalent. He claims that by 2030, the EV sector may be worth twenty lakh crore rupees, with one crore vehicles sold per year, creating five crore new job possibilities. In the electric two-wheeler market, he added, more than 400 startups have already started up.
Moreover, the discovery of six million tonnes of lithium reserves in Jammu and Kashmir will be extremely beneficial to the nation, as per Gadkari. He pointed out that the cost of lithium-ion batteries has decreased to 55 US dollars per kilowatt hour.
According to Gadkari, lithium-ion batteries cost $150 USD per kilowatt hour when India decided to support electric vehicles. The country's lithium reserves, which make up 6% of the world's deposits, and the dramatic drop in battery prices are signs in the right direction. Additionally, he said that research is being done in the areas of zinc ion technology, sodium ion, aluminium ion, and lithium ion technology.
He expressed optimism that India will become an energy-exporting nation under Prime Minister Narendra Modi's leadership and through the Atmanirbhar Bharat plan. He restated that because fossil fuel imports cost the nation twenty-two lakh crore rupees and greatly increase air pollution, the government is prioritising biofuels and alternative fuels.