Union Minister Nitin Gadkari announced that India’s EV market is projected to reach Rs 20 lakh crore by 2030, creating 5 crore jobs. He noted a significant rise in EV sales and a drop in lithium-ion battery prices, boosted by local reserves.
Union Road Transport and Highways Minister Nitin Gadkari, on Thursday, said that the electric vehicle (EV) market will grow to a total value of Rs 20 lakh crore by 2030, creating five crore new jobs.
EV Sales Growth and Projections
Replying to a question by BJP MP PC Mody on the growth of the EV sector, Nitish Gadkari told the Lower House that 57 lakh EVs are registered in India, and sales are faster in 2024-25. He said, “Presently, 57 lakh EVs are registered in India. EV sales rates were faster in 2024-25. EV car sales increased by 20.8 per cent, while petrol and diesel sales increased by 4.2 per cent. Two-wheeler EVs increased by 33 per cent, and petrol and diesel by 14 per cent. Three-wheeler EVs increased by 18 per cent, and petrol and diesel by 6 per cent. India’s EV market has the potential to reach Rs 20 lakh crore by 2030, with annual vehicle sales of Rs 1 crore, creating five crore new jobs. 400 plus start-ups have begun inthe electric two-wheeler market, increased by 21 per cent from 2024.”
Lithium Reserves and Battery Costs
Gadkari added that the price of lithium-ion batteries has gone down to USD 55 per KiloWatt-hour, and 6 million tonnes of lithium reserves in Jammu and Kashmir will prove to be beneficial for the country. “Lithium is very important. When we made the decision for EVs, the cost of a lithium-ion battery was USD 150 per KiloWatt-hour, but now it has come down to USD 55 per KiloWatt-hour. This is really a good indication. Good news for our country is that Jammu and Kashmir has 6 million tonnes of lithium reserves, which is six per cent of the world’s total. The mining ministry is working on that. We are also conducting research on lithium ion, sodium ion, aluminium ion, and zinc ion,” he said.
Future Fuels and Self-Reliance
The Union Minister added, “Futuristic fuel is hydrogen. Today we are importers of energy, but I’m confident under the leadership of Prime Minister Narendra Modi, under Atmanirbhar Bharat, we will be exporters… The priority of the government is biofuel and alternative fuel, because our fossil fuel imports cost 22 lakh crore. It creates a lot of pollution. I myself am facing a problem in Delhi.”
Other Parliamentary Proceedings
Meanwhile, on the fourth day of the Parliament, Union Finance Minister Nirmala Sitharaman moved the Health Security se National Security Cess Bill, 2025 for consideration and passing in the Lower House today. The Bill aims to augment resources for meeting expenditure on national security and public health, and to levy a cess for the said purposes on machines installed and other processes undertaken for the manufacture or production of specified goods, and for matters connected therewith. (ANI)
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