India’s electric vehicle market is expected to grow to ₹20 lakh crore by 2030 and create around five crore jobs, Union Road Transport and Highways Minister Nitin Gadkari said on 27 August 2026, addressing a summit organised by the CII-ITC Centre of Excellence for Sustainable Development.
Gadkari said 57 lakh electric vehicles are currently registered in India, with market penetration at about 7%. He noted that more than 400 startups already operate in the electric two-wheeler segment, and pointed to falling battery costs: lithium-ion prices have dropped to around $55 per kWh from $150 when India began pushing electric mobility, alongside the discovery of significant lithium reserves in Jammu and Kashmir.
The minister set out the headline projection directly. “India’s electric vehicle (EV) market will be worth Rs 20 lakh crore by 2030. It will also create five crore jobs by 2030,” Gadkari said.
He placed the EV opportunity within India’s broader automotive growth, saying the industry has expanded from ₹14 lakh crore when he took charge as transport minister to roughly ₹22-23 lakh crore now, making India the world’s third-largest automobile market after the US and China. He also flagged unmet domestic demand, noting India needs about one lakh electric buses annually but manufactures only 50,000-60,000.
