Government to Launch New Scheme for Batteries to Drive EV Adoption
In an effort to reduce costs and accelerate the adoption of electric vehicles (EVs) in India, Union Minister R K Singh announced the government's plan to introduce a new production-linked incentive (PLI) scheme for batteries.
October 17, 2023. By News Bureau
Speaking at the EV Ready India Dashboard event organized by the OMI Foundation, Union Power and New & Renewable Energy Minister R K Singh emphasised the importance of increasing battery production to lower prices and boost EV adoption.
Singh noted that the limited global battery manufacturing capacity has contributed to high prices, making it crucial for India to incentivise increased battery production.
The government had previously approved a PLI scheme for advanced chemistry cell (ACC) battery manufacturing in May 2021, with an estimated investment of INR 18,100 crore to attract both foreign and domestic investments totaling INR 45,000 crore. The aim was to achieve a manufacturing capacity of 50GW of battery storage.
Singh stressed that transitioning to EVs was essential for India to reduce emissions and energy dependency, highlighting the need to explore alternative battery chemistries such as sodium ions. He also expressed the importance of diversifying the supply chain for storage to ensure energy security.
Additionally, Singh pointed out the significant growth in power demand in India, with a 16 percent increase in the first two weeks of October. He underscored India's commitment to expanding non-fossil fuel-based power generation, with a goal to have 65 percent of its capacity from non-fossil fuel sources by 2030.
The announcement of the new PLI scheme for batteries is a significant step toward achieving these goals and fostering the EV industry's growth in India.
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