Union Road Transport and Highways Minister Nitin Gadkari on Monday said the prices of electric vehicles (EVs) in India are expected to be on par with those of petrol-powered vehicles within the next four to six months.
The minister said India's dependence on fossil fuels is both an economic burden, as Rs 22 lakh crore is spent annually on fuel imports and an environmental hazard, making clean energy adoption crucial for the country's progress.
"Within the next 4-6 months, the cost of electric vehicles will be equivalent to the cost of petrol vehicles," Gadkari said while addressing the 20th FICCI Higher Education Summit 2025. Further, the minister said, "Within five years, our target is to make India's automobile industry the number 1 in the world," the minister said.
"When I took charge as transport minister, the size of the Indian automobile industry was Rs 14 lakh crore. The size of the Indian automobile industry now is Rs 22 lakh crore," Gadkari added.
Presently, the size of the US automobile industry is Rs 78 lakh crore, followed by China (Rs 47 lakh crore) and India (Rs 22 lakh crore).
Gadkari pointed out that farmers have earned an additional Rs 45,000 crore by producing ethanol from corn.
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