Union Minister Nitin Gadkari announced that India aims to become the world's largest electric vehicle manufacturer by 2030. The statement came during an electric cycle launch event on Monday, where Gadkari shared his vision for the future of alternative fuel vehicles in the country.

"When our government came to power in 2014, I spoke about electric-powered vehicles. At that time, no one believed it, but today it's a reality," Gadkari said. His comments reflect the significant progress made in India's EV sector over recent years.

India's automobile industry has shown remarkable growth, increasing in value from ₹14 lakh crore to ₹22 lakh crore. This growth has helped India surpass Japan to become the third-largest automobile market globally, behind only the United States and China.

The push for EV manufacturing comes as India faces potential export challenges. A recent Emkay Global report warns that proposed US tariffs could cost India $6 billion in exports, with auto manufacturing among the vulnerable sectors. The tariffs, scheduled to begin April 2, may impact India's broader industrial growth plans.

The minister pointed to falling lithium-ion battery costs as a key factor driving the popularity of electric vehicles, particularly e-cycles. He expects demand to grow further as research and innovation in battery technology continue to advance.

Several Indian companies are already exporting 50% of their electric vehicle production, showing strong demand both domestically and internationally. This trend supports the government's ambitious goal of leading global EV manufacturing within the next five years.

Gadkari also outlined plans for supporting infrastructure, including:

• Dedicated cycle tracks
• Development of alternative fuels like bio-CNG
• Projects to convert agricultural waste into bitumen and aviation fuel

The minister highlighted India's current annual expenditure of ₹22 lakh crore on fossil fuel imports. He presented about 400 pollution-reduction projects aimed at converting agricultural waste into usable fuel, part of the government's broader strategy to eventually become an energy exporter.