The significant expense associated with lithium battery packs is a primary factor contributing to the considerable price disparity between electric vehicles and those powered by internal combustion engines. Nevertheless, as electric vehicles gain popularity and battery technology rapidly evolves, new innovations are leading to a decline in the prices of lithium battery packs. This decrease in battery costs is expected to enhance the electric vehicle market, according to Nitin Gadkari, the Union Minister for Road Transport and Highways.

The minister indicated that the falling prices of lithium batteries would greatly reduce the overall cost of electric vehicles, thereby making them more accessible to consumers. He emphasized that pollution represents the most significant challenge facing India, with the transportation sector being a major contributor to this issue. Gadkari highlighted the urgent necessity to shift from fossil fuels to alternative energy sources, as reported by the news agency PTI. "Pollution is the foremost challenge for our country, with a substantial portion stemming from the transport sector," he remarked, noting that the transition to electric and alternative fuels is not only an environmental requirement but also an economic necessity.

The minister underscored that continuous progress in battery technology is essential for India's shift towards sustainable transportation. He pointed out that the nation's reliance on fossil fuels poses both an economic strain, with ₹22 lakh crore spent annually on fuel imports, and an environmental threat, making the adoption of clean energy vital for the country's advancement.

India to be global EV production leader by 2030

In discussing the expansion of the Indian automobile industry, Gadkari noted that since 2014, India has overtaken Japan to become the third-largest automotive market globally. He projected that by 2030, India will emerge as the leading producer of electric vehicles (EVs), which will have a significant influence on the international automotive landscape.

Gadkari attributed the substantial reduction in lithium-ion battery prices as a key factor in making EVs more accessible and bringing their costs closer to those of conventional fuel-powered vehicles. He stated, "The price of lithium, which was $150 per kilowatt a few years ago, has now decreased to nearly $100. As it continues to drop, the cost of electric vehicles will also decline, making them more affordable for the general public."

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