Minister for Road Transport & Highways Nitin Gadkari said on Tuesday that India would soon be in the position to export lithium-ion batteries, the rechargeable batteries that are a requirement for electric vehicles (EVs). Gadkari said that the EV growth numbers are rather encouraging.
Speaking at the Society of Indian Automobile Manufacturers’ (SIAM’s) 64th convention on Tuesday, Gadkari estimated the EV market to record sales of 1 crore by 2030. He also estimated the EV finance market at Rs 5 lakh crore by 2030.
Nitin Gadkari said that he is not “against” petrol and diesel but he believes people need protection from pollution. Gadkari has been known for pushing for cleaner fuels, and urging automakers to pivot to EVs and hydrogen. At the SIAM event, Gadkari urged the industry to adopt new technology and not bother about petrol and diesel.
Last week, Gadkari had said that very soon there would be no need for further subsidies for EV adoption in the country. Speaking at the BloombergNEF Summit last week Gadkari had said that the prices of lithium-ion batteries that used to cost $150 per kilowatt per hour has been reduced to around $107-108 kilowatt per hour.
He had said that five companies have started manufacturing lithium-ion batteries, and in the next couple of years, the price would come down to $90 kilowatt per hour. The cost of diesel and petrol vehicles and EVs would be at par, but the cost of electricity would be 10 times less than fossil fuel.
Gadkari also spoke about India’s scrappage policy at the SIAM event, and said that the government would need the support of the industry to give more discounts in the scrappage policy. He said that the 3 per cent discount is the minimum range, and that scrappage can reduce the cost of components by 30-40 per cent. He also urged automakers to set up their own scrappage centres in the country. Gadkari believes the scrappage policy to be a win-win situation for both automakers and the government.
