On Thursday, the Union Minister of Road and Transport, Nitin Gadkari, said there is no need for further subsidies to push electric vehicle (EV) adoption in the country.
The minister cited that decreasing battery costs and growing adoption will make EVs more affordable in the coming years.
- Underlining factors such as customers buying EVs on their own, lower production costs, and lower GST on EVs, Gadkari said that the ask for subsidies is not justified
- The minister also cited falling battery costs as a key factor driving EV affordability, adding that lithium-ion battery prices have dropped from $150 per kWh to $107-108 per kWh
- The Centre is planning to roll out the FAME-III scheme in the next two months, with a likely outlay of INR 10,000 Cr to INR 12,600 Cr
