Electric Vehicles to Reach Price Parity with Petrol Vehicles in India Within 6 Months: Nitin Gadkari Announces

Union Minister Nitin Gadkari stated that India's reliance on fossil fuels creates a substantial economic burden. (File)

New Delhi:

Nitin Gadkari, India's Union Road Transport and Highways Minister, announced on Monday that electric vehicles (EVs) in India are projected to reach price parity with conventional petrol vehicles within the coming four to six months.

The minister emphasized that India's dependence on fossil fuels represents not only a significant economic challenge, with annual fuel import costs reaching Rs 22 lakh crore, but also poses serious environmental concerns, making the transition to clean energy technologies essential for India's sustainable development.

"Within the next 4-6 months, the cost of electric vehicles will be equivalent to the cost of petrol vehicles," Gadkari declared while speaking at the 20th FICCI Higher Education Summit 2025.

The minister further outlined ambitious goals for the automotive sector, stating, "Within five years, our target is to make India's automobile industry the number 1 in the world."

"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 noted, highlighting the significant growth already achieved.

Currently, the United States leads the global automobile industry with a market size of Rs 78 lakh crore, followed by China at Rs 47 lakh crore, with India in third position at Rs 22 lakh crore.

Gadkari also highlighted that farmers have generated an additional income of Rs 45,000 crore through ethanol production from corn, demonstrating the economic benefits of alternative fuel sources.

Additionally, the minister revealed an innovative environmental initiative: "We have initiated a programme under which we aim to use the entire segregated solid waste in the country in road construction by 2027, thereby creating value from the waste."

Addressing educational priorities, the minister emphasized the critical importance of higher education and skill development, stating that India requires a forward-looking development vision supported by appropriate knowledge. He noted that India's greatest asset is its young, talented, and skilled workforce, which surpasses that of any other nation.

"This is a big strength of India, and by using this strength, if we are successful in giving them the right education, right skills, then we can move ahead in the world," he remarked.

The minister concluded by urging higher education institutions to incorporate successful innovative technologies into their curricula and focus on practical applications to strengthen future planning and development initiatives.