A Vision of Exports and Growth
India's Minister for Road Transport & Highways, Nitin Gadkari, has painted a promising picture for the country's electric vehicle (EV) future. He envisions India not only meeting its own EV needs but also becoming a global exporter of lithium-ion batteries, the heart of these vehicles.
Gadkari highlighted the encouraging growth of the EV market in India, projecting sales to reach 1 crore by 2030. This burgeoning market is expected to generate a demand for EV financing, creating a market worth Rs 5 lakh crore by the same year.
While acknowledging the need for cleaner fuels, Gadkari emphasized the importance of protecting people from pollution. He urged the automotive industry to embrace new technologies and transition towards EVs and hydrogen-powered vehicles, leaving behind their reliance on petrol and diesel.
The minister also pointed to the significant decrease in the cost of lithium-ion batteries, from $150 per kilowatt-hour to around $107-108. With five companies already manufacturing these batteries in India, and the price expected to drop further to $90 per kilowatt-hour in the next few years, EVs are poised to become cost-competitive with their fossil fuel counterparts.
Gadkari also stressed the importance of the government's scrappage policy, which aims to incentivize the replacement of old, polluting vehicles with newer, cleaner ones. He believes this policy will be a win-win for both the government and automakers, reducing pollution and generating economic activity.
With a clear vision and proactive policies, India is poised to become a major player in the global EV market, contributing to a cleaner and more sustainable future.