The Union Minister of Road Transport and Highways Nitin Gadkari has mentioned that the cost of Electric vehicles are going to be available for the petrol vehicle cost and the statement was addressed at an event.
Within a year Electric vehicles are going to be equal to the cost of petrol vehicles in the Indian market. Union Minister Nitin Gadkari explained that the central government is promoting green fuels in a big way. The cost issue is a serious one, mainly for the four-wheelers which are not under 10 Lakhs in the Indian market.
Even options that do exist offer a low range as compared to their ICE counterparts, making a decision in their favor difficult for most prospective buyers.
At the same Union Minister mentioned that the government is promoting ethanol in place of petrol and diesel to reduce the carbon emission in the transport sector.
Ethanol is produced from crop residue and the government recently brought forward the target for 20% blending to 2025. 10% levels of blending have already been achieved this year.
At the event organized by a television channel, Union Minister Gadkari said, “I am trying within a year the cost of electric vehicle will be equal to the cost of petrol vehicles in the country and will save money spent on fossil fuels.”
At the same time, he also addressed that the growth of green transportation is quite strong in India, especially in Electric vehicles.
According to the data released by the Federation of Automobile Dealers Associations (FADA), Electric vehicle retail sales in India saw over a three-fold jump last fiscal. FADA says that total electric vehicle retail sales came up to 429217 units in 2021-2022, which is three times more than 134821 units sold in 2020-2021.
Earlier, in an event organized by the society of automotive engineers, Gadkari made a statement to Indian Ev manufacturers that Indian companies would make better electric vehicles than their counterparts in the US and the world in the future.
On May 6, as per reports, speaking at a function in Pune’s science and technology park, Gadkari said that “There is a lot of scope for startups in the automobile industry. The use of electric vehicles is rising in the country and Pune has the potential to become a transport hub for these vehicles is rising in the country and Pune has the potential to become a transport hub for these vehicles.”
Earlier based on a tweet from Elon Musk in response to the Indian’s invitation from Tesla, Gadkari put forward the government’s stand on Ev manufacturing and selling in India. “Most automobile brands have a presence in India, barring a few. We have no problem with that.
It was not agreeable to us that you would manufacture in China and sell here. If you want to sell in India. then you need to manufacture in India.” He said the statement.
As per market research, the Indian electric vehicles market was valued at 1434.04 billion USD in 2021. It is excepted to reach 15397.19 billion USD at a CAGR of 47.09 per cent.