India plans to invest US $1.1 billion in battery ecosystem
India mulls $1.1 billion plan to boost EV battery production.
News, 3 December 2024
According to reports, the Indian government is thinking of investing ₹90 billion, or around USD 1.1 billion, to increase domestic manufacturing of battery parts for clean energy systems and electric vehicles (EVs). The Ministry of Heavy Industries, Government of India, is leading the endeavor and stakeholder meetings is going on.
The program seeks to encourage the domestic production of components that demand significant R&D and capital investment, such as electrodes, anodes, cathodes, electrolytes, and copper foil.
Due to developments in batteries and renewable energy storage, industry analysts estimate that the Indian EV market will increase from USD 34.8 billion in 2024 to USD 120 billion by 2030.
In India, there are already 3 million registered electric vehicles, with two-wheelers accounting for 56% of total sales. EV sales climbed by 45 percent in 2023–2024.
