New Delhi

Union Road Transport and Highways Minister Nitin Gadkari said on Thursday that the electric vehicle market in India is projected to grow to a value of approximately twenty lakh crore rupees by the year 2030, with the potential to generate nearly five crore new jobs.

Responding to a query raised by BJP MP PC Mody in the Lok Sabha about the expansion of the EV sector, Gadkari informed the House that fifty seven lakh electric vehicles have been registered in the country so far, and sales have gained significant momentum during the financial year 2024 to 2025.

He shared that EV passenger car sales grew by 20.8 percent during the period, while petrol and diesel car sales rose by 4.2 percent. Sales of electric two wheelers increased by 33 percent compared with 14 percent growth for petrol and diesel two wheelers. Electric three wheelers registered an 18 percent increase in sales, while their petrol and diesel counterparts saw a 6 percent rise. According to him, the EV market has the potential to reach a valuation of twenty lakh crore rupees by 2030 with annual vehicle sales of one crore units, contributing to the creation of five crore new employment opportunities. He also noted that more than four hundred start ups have already begun operating in the electric two wheeler segment.

Gadkari highlighted that the price of lithium ion batteries has dropped to 55 United States dollars per kilowatt hour and added that the discovery of six million tonnes of lithium reserves in Jammu and Kashmir will bring major benefits to the country.

He said that when India took the decision to promote electric mobility, lithium ion batteries cost 150 United States dollars per kilowatt hour. The sharp decline in battery prices, along with the lithium reserves found in the country which account for six percent of global deposits, is a positive sign. He also stated that research work is being carried out in the fields of lithium ion, sodium ion, aluminium ion and zinc ion technology.

The minister emphasised that hydrogen represents the fuel of the future. He expressed confidence that under the leadership of Prime Minister Narendra Modi and through the Atmanirbhar Bharat initiative, India will transform from an energy importing nation to an energy exporting country. He reiterated that the government is placing priority on biofuels and alternative fuels because fossil fuel imports cost the country twenty two lakh crore rupees and contribute significantly to air pollution.

Meanwhile, on the fourth day of the Parliament session, Union Finance Minister Nirmala Sitharaman moved the Health Security se National Security Cess Bill 2025 in the Lok Sabha for consideration and passage.

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The Bill seeks to bolster financial resources for national security and public health by imposing a cess on machines and other processes used in the production or manufacturing of specified goods and by addressing concerns connected with these purposes.