Nitin Gadkari Talks About Anticipated EV Revolution And Says Its Cost To Match Petrol-Diesel Counterparts In Two Years

Battery-powered vehicles are already sweeping the globe's highways, while in India, the use of electric vehicles (EV) is still quite low, but the central and state governments continue to push people to opt for these options.

Nitin Gadkari, the Union Minister for Road Transport and Highways, has stated that India is only one EV revolution away from turning things around and bringing the cost of electric vehicles on par with that of petrol and diesel vehicles.

Gadkari made such comments during the Indian Chamber of Commerce's annual session and FY21 AGM, which was virtual. He said, “Within two years, the cost of EVs will come down to a level that will be at par with their petrol variants” -- something which the Minister said earlier this year.

He also added that the government is working to increase the number of EV charging stations.

According to the Union Minister: “We are setting up 600 EV charging points across major highways by 2023. The government also wants to ensure that the charging stations are powered by renewable sources like solar or wind electricity.”

He also said that EVs have a high cost because there are fewer of them. Gadkari added that India is preparing for an EV revolution, with 250 startups working on low-cost EV technology development.

Furthermore, major automakers have entered the fight to reduce the cost of producing EVs. Electric vehicles are subject to a 5 per cent GST and the cost of lithium-ion batteries is also decreasing.

As per the Minister, the economic analysis of EVs in India is highly favourable, owing to the low per-kilometre cost and that electric vehicle sales do not require an artificial push.

He said: “The cost of [a] petrol-powered car per kilometre is Rs 10 per km, diesel is Rs 7 per km and electric is only Rs 1 per km."

Additionally, in his remarks, Gadkari also emphasised the use of alternative fuels like ethanol and compressed natural gas (CNG) to reduce reliance on traditional fuels.

Since charging stations is still a concern when it comes to purchasing EVs in India, according to reports, over the next three years, the Indian Oil Corporation plans to install 10,000 charging stations. Following that, Bharat Petroleum announced plans to build 7,000 recharge stations around the country.

Meanwhile, Tata Power revealed that it has successfully installed over 1,000 stations in more than 100 cities and now their target is achieving the 10,000 mark.

However, these initiatives, together with government and private-sector-run charging stations and home charging options, have the potential to support battery-powered vehicles to gain momentum in the country.