Cost Of Electric Vehicles Will Be Equivalent To Cost Of Petrol Vehicles Within One Year, Says Nitin GadkariThe Union transport minister also said that the government is looking to promote green fuels in a big way

Nitin Gadkari, road transport and highways minister, said the price of electric vehicles will be on par with the petrol vehicles within a year. The minister also said that the government aims to promote crop residue-made ethanol instead of petrol and diesel.

While addressing an event organized by a television channel, Gadkari said, "I am trying, within one year, the cost of electric vehicles will be equivalent to the cost of petrol vehicles in the country. This will enable us to save money spent on fossil fuels."

Gadkari emphasized that the government is looking to strengthen its efforts to further promote green fuels in a wider perspective. The minister also stated the efficiency and scope of waterways transportation and how transporting goods this way is more economical when compared to the road transport, along with affirming the future developments in this mode of transportation.

Earlier, in an event organized by the society of automotive engineers, Gadkari made a statement on Indian EV manufacturers that Indian companies would make better electric vehicles than their counterparts in the US and the world in 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."

While addressing the need for coordination, cooperation and communication about the new technology, with regard to the expansion of automobile sector, within the government departments, he further added. "The new technology with the use of ethanol and other bio fuels are cost effective, pollution free and substitutes for imports. Automobile industry is growing in the country and can offer major job opportunities. There is a need to focus on research and startups as per the local needs. We have to think about viable alternatives to import and alternative fuels for the growth of the country."

Earlier, based on a tweet from Elon Musk in response to the India's invitation for 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 in a statement.

As per market research, the Indian electric vehicle market was valued at $1434.04 billion in 2021. It is expected to reach $15397.19 billion by 2027 at a CAGR of 47.09 per cent.