Union Minister for Road Transport and Highways Nitin Gadkari said in the Lok Sabha that India’s electric vehicle market has the potential to reach a valuation of ₹20 lakh crore by the year 2030. He stated that the fast-growing EV ecosystem could also create nearly five crore new jobs across different sectors. Gadkari was responding to a question raised by BJP MP PC Mody about the expansion and economic impact of the EV industry in the country.
He shared that there are currently about 57 lakh registered electric vehicles in India, and sales have shown strong growth during 2024-25. According to him, sales of electric cars increased by 20.8 percent, while traditional petrol and diesel vehicle sales grew only 4.2 percent. In the two-wheeler category, EV sales rose by 33 percent, compared to 14 percent growth for petrol and diesel models. Electric three-wheeler sales increased by 18 percent, whereas sale of the conventional versions rose by 6 percent. He also said that the Indian EV market has the ability to reach annual sales of one crore vehicles in the near future. More than 400 start-ups are currently working in the electric two-wheeler business, which marks a 21 percent rise from 2024.
Gadkari noted that the sharp fall in lithium-ion battery prices is an important boost for the EV sector. Battery costs have come down from USD 150 per kilowatt hour to USD 55 per kilowatt hour, making electric vehicles more affordable. He added that India holds an advantage with the discovery of lithium reserves in Jammu and Kashmir. The deposits are estimated at six million tonnes, equal to around six percent of global reserves. He said the Ministry of Mines is working actively on mining and research related to different battery technologies, including lithium-ion, sodium-ion, aluminum-ion and zinc-ion.
The minister described hydrogen as the fuel of the future and said India has the capability to become an energy exporter under the Atmanirbhar Bharat mission. He stressed that the country currently spends nearly ₹22 lakh crore every year on fossil fuel imports and highlighted the importance of shifting toward biofuels and alternative energy sources.
During the session, Finance Minister Nirmala Sitharaman introduced the Health Security and National Security Cess Bill, 2025, which aims to raise funds for public health and national security needs.
