India Launches INR 80 Billion Incentive Initiative to Boost EV Battery Production
The primary objective of this initiative is to foster the development of cutting-edge chemistry battery plants capable of generating a combined output of 20 GWh.
November 14, 2023. By News Bureau
Sources familiar with the matter said, the primary objective is to foster the development of cutting-edge chemistry battery plants capable of generating a combined output of 20 GWh.
Successful bidders under this ambitious initiative will receive incentives over five years, specifically tied to the sale of batteries manufactured locally. The government's push towards enhancing domestic battery production aligns with its broader vision to boost the adoption of environmentally friendly transportation methods.
Sources revealed that the government is gearing up to solicit bids from potential investors in the coming month. The bidding process is expected to attract significant interest from both domestic and international players looking to capitalize on the burgeoning demand for EV batteries in the Indian market.
A recent report by RMI India, a leading research centre, and Niti Aayog, has projected a surge in demand for batteries to reach 260 GWh by 2030. This anticipated spike is attributed to the growing market for electric vehicles, grid-scale energy storage, and consumer electronics.
The battery initiative is a pivotal component of India's broader strategy to promote cleaner transport. In line with this, Prime Minister Narendra Modi's administration is actively exploring measures to reduce import taxes on battery-powered vehicles, a move aimed at attracting major players in the electric vehicle industry, including the renowned Tesla Inc.
This latest development comes on the heels of the government's proactive measures to boost domestic EV production, exemplified by the USD 3.1 billion incentive program launched in 2021.
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