Union Minister for Road Transport and Highways, Nitin Gadkari, projected on Thursday that India’s electric vehicle (EV) sector could reach a staggering valuation of Rs 20 lakh crore by 2030, potentially generating around five crore new jobs.
Responding to a query from BJP MP PC Mody in the Lok Sabha regarding the expansion of the EV industry, Gadkari highlighted that there are currently 57 lakh EVs registered across the country, with sales accelerating notably in 2024-25.
He detailed the growth trends, stating, “EV car sales grew by 20.8%, while conventional petrol and diesel vehicles saw a modest 4.2% rise. In the two-wheeler segment, EV sales surged 33%, compared with 14% for petrol and diesel models. Three-wheelers powered by electricity increased by 18%, whereas petrol and diesel versions grew 6%.” Gadkari emphasized that India’s EV market has the potential to achieve annual sales of one crore vehicles, supported by over 400 start-ups in the electric two-wheeler segment—a 21% increase from 2024.
On the topic of batteries, Gadkari noted a significant drop in lithium-ion battery costs from USD 150 per kilowatt-hour to USD 55 per kilowatt-hour, describing it as a positive sign for the sector. He also pointed out the strategic advantage of domestic lithium reserves in Jammu and Kashmir, which are estimated at six million tonnes, representing six percent of global reserves. “The Ministry of Mines is actively working on this. Research is also underway on lithium-ion, sodium-ion, aluminum-ion, and zinc-ion technologies,” he added.
The minister highlighted hydrogen as the fuel of the future, asserting that India, currently an energy importer, could become an exporter under the “Atmanirbhar Bharat” initiative led by Prime Minister Narendra Modi. He further stressed the government’s focus on biofuels and alternative fuels, citing the high cost and environmental impact of fossil fuel imports, which amount to Rs 22 lakh crore annually.
Meanwhile, during the fourth day of Parliament, Union Finance Minister Nirmala Sitharaman introduced the Health Security and National Security Cess Bill, 2025, in the Lok Sabha. The legislation seeks to raise funds for national security and public health expenditure through a cess applied to machinery and processes involved in the production of specified goods, along with related measures.
