Prices of EV to be equal to the cost of petrol vehicles in 2023

The Union Minister for Road Transport and Highways stated at an event that the prices of all electric vehicles (EVs) in India will be equivalent to the cost of petrol vehicles by 2023. The assumption of the Union Minister’s remark is that, as he explains, the central government is heavily supporting green fuels.

Reportedly, the cost issue is severe, especially with four-wheelers, as there are currently no possibilities below Rs 1 million. Even the options that do exist have a low range when compared to their ICE counterparts, making it difficult for most prospective buyers to make a choice in their favour.

The minister also stated that the government is promoting ethanol as a substitute for petrol and diesel in order to minimise carbon emissions in the transportation sector. Ethanol is made from crop residue, and the government has accelerated the 20 per cent blending target to 2025. This year, blending levels of 10 per cent have already been achieved.

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