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Prices of EVs and petrol, diesel vehicles to match in two years: Nitin Gadkari

Prices of EVs and petrol, diesel vehicles to match in two years: Nitin Gadkari

“Ten years ago, when I was advocating for electric vehicles, the big players in the automotive sector didn’t take me seriously. Today, they admit they may have missed the bus,” he remarked.

Chetan Bhutani
Chetan Bhutani
  • Updated Sep 9, 2024 12:49 PM IST
Prices of EVs and petrol, diesel vehicles to match in two years: Nitin GadkariThe minister also underscored the critical issue of road safety, highlighting that poorly designed and engineered roads remain major contributors to accidents across the country.

Union Minister for Road Transport and Highways, Nitin Gadkari, has indicated that the need for subsidies and incentives for electric vehicles (EVs) may not last beyond the next two years. Speaking at at ACMA’s annual event, Gadkari highlighted how the costs of electric vehicles are expected to align with those of petrol and diesel vehicles in two years making additional financial incentives redundant. 

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“I am not against further subsidies for EVs. If the Finance Minister and Industries Minister want to provide more support, I have no issue with that. However, in two years, incentives may no longer be necessary as EVs will reach cost parity with traditional fuel vehicles,” Gadkari stated. 

Reflecting on the industry's evolving stance, Gadkari mentioned how automobile giants in India had initially dismissed the push for EVs. “Ten years ago, when I was advocating for electric vehicles, the big players in the automotive sector didn’t take me seriously. Today, they admit they may have missed the bus,” he remarked, emphasizing the rapid shift in the industry’s approach toward greener alternatives. 

The minister also underscored the critical issue of road safety, highlighting that poorly designed and engineered roads remain major contributors to accidents across the country. “Road safety is a serious concern for us. It's not just about vehicle safety, but also about how we design and engineer our roads,” he said. Gadkari urged automobile companies to participate in enhancing safety measures as part of their Corporate Social Responsibility (CSR) initiatives. 

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In addition to the anticipated cost parity of EVs, Gadkari forecasted a significant reduction in India’s dependency on lithium-ion battery imports, valued at ₹1.68 lakh crore. He mentioned that this figure could see a sharp decline in the next 2-3 years due to growing domestic production and advancements in alternative battery technologies. 

Published on: Sep 9, 2024 12:49 PM IST
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