India’s EV Industry Can Grow 10x: Nitin Gadkari

Union Minister Nitin Gadkari, speaking at the 8th Catalyst Conference on Sustainability of E-Vehicle Industry (Evexpo 2024), highlighted the immense potential of India's electric vehicle (EV) industry, stating it could grow 10 times its current size. He emphasized the need to capture the global EV market, citing the rising demand for electric vehicles as an opportunity for expansion.

Gadkari projected that India, currently the world’s third-largest automobile market, could become the leader in the next five years through the EV sector. He urged companies to expand their production capabilities while maintaining quality to compete with China. “The future of the industry is bright, but we need advanced technology and better quality to dominate globally,” he said.

The minister also stressed the importance of the EV industry in achieving the Viksit Bharat 2047 mission and promoting sustainability.

Highlighting the government’s push for locally made batteries, Gadkari noted that the lifecycle cost of lithium-ion batteries, currently at $115, is expected to drop below $100 in six months. Companies like Tata, Adani, and Maruti are already developing battery technology, and with 6% of the world’s lithium reserves, India is well-positioned for growth.

He also encouraged research into alternatives like sodium-ion and zinc-ion batteries to diversify energy storage solutions. On infrastructure, Gadkari mentioned that India now has 16,000 EV charging stations, with 2,800 more in the pipeline, signaling robust support for the growing EV ecosystem. The minister concluded by reaffirming India’s commitment to green energy and sustainable mobility, urging the industry to innovate and compete globally.