TL;DR
Union Minister Nitin Gadkari predicts India's EV market will soar to ₹20 lakh crore by 2030, creating five crore jobs, driven by accelerating sales and falling battery costs.
Union Road Transport and Highways Minister Nitin Gadkari announced that India's electric vehicle (EV) market is poised for a monumental growth, with projections indicating it could reach a total value of ₹20 lakh crore by 2030. This substantial expansion is also expected to generate five crore new jobs across the country. Gadkari highlighted the rapid adoption of EVs, noting that 57 lakh electric vehicles are currently registered in India, with sales rates accelerating in 2024-25.
The minister provided specific growth figures, stating that EV car sales increased by 20.8%, significantly outpacing petrol and diesel car sales which grew by 4.2%. Two-wheeler EV sales saw a 33% increase, while three-wheeler EVs rose by 18%. Gadkari also pointed out the emergence of over 400 startups in the electric two-wheeler market, marking a 21% increase from 2024. A key factor in this optimistic outlook is the declining price of lithium-ion batteries, now at $55 per kilowatt-hour, coupled with the discovery of 6 million tonnes of lithium reserves in Jammu and Kashmir, which are expected to greatly benefit the nation's EV ambitions.
