Union Minister Nitin Gadkari has made an optimistic prediction on India's electric vehicle (EV) market. Speaking at the 20th FICCI Higher Education Summit, Gadkari stated that EV prices will soon align with those of petrol vehicles, marking a pivotal shift toward mass adoption.
Core Prediction & Timeline
Gadkari predicted that EVs will cost the same as comparable petrol (internal combustion engine or ICE) vehicles in the next 4-6 months.
That’s not all, he also forecasted EVs becoming cheaper than petrol vehicles within 2-3 years, driven by rapid cost declines. He emphasised, "In the next 4-6 months, the prices of electric vehicles will match those of petrol vehicles," positioning this as a "game-changer" for affordability.
Current EV Landscape in India
The Indian electric vehicle market achieved 1.68 million sales in FY 2023-24, reflecting a growing consumer base and favorable market conditions. While two- and three-wheelers dominate EV sales (~70%), four-wheelers like cars are catching up with affordable models under ₹10 lakh.
India aims to become a "global hub" for EV manufacturing, reducing oil imports by 20-30% by 2030 and cutting transport emissions (14% of national CO2).
Challenges to Overcome
It is worth noting that despite the hype, hurdles remain, the biggest one being the lack of proper charging infrastructure in the country.
Then, range anxiety, battery durability in India's varied climates/terrain, and raw material supply for batteries (e.g., lithium), are other major hurdles for the EV sector.
The biggest factor, however, is the cost of the batteries, as they make up 40-50% of an EV's price. On the brighter side, global lithium-ion battery costs have plummeted big time in the last decade, with similar drops expected in India via local manufacturing.
Mass production and supply chain efficiencies, boosted by investments over ₹25,000 crore under the Production Linked Incentive (PLI) scheme, could cut costs.
This announcement comes amid a booming auto sector, with companies betting big on EVs. Gadkari's comments underscore government momentum, so it could be worth watching out for policy tweaks.
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