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India to become top lithium-ion battery exporter in 5 years: Nitin Gadkari
Industry News- Sep 06,24
The Indian government has introduced an Rs 181 billion production-linked incentive (PLI) scheme to establish advanced chemistry cell (ACC) manufacturing facilities, targeting 50GWh of domestic production.
India has the potential to become the world’s largest exporter of lithium-ion batteries within the next five years, according to Nitin Gadkari, Minister of Road Transport and Highways. Speaking at the Bloomberg NEF Summit, Gadkari highlighted the extensive research underway in various battery technologies and expressed confidence that India's advancements will gain global recognition.
Although India is still in the early stages of lithium-ion battery production, the country's manufacturing capacity is expected to grow significantly, ranging between 100-1500 GWh by the end of the decade. This growth is crucial for supporting the electric vehicle and renewable energy sectors, which currently rely on imports from China, Japan, and South Korea for battery supply.
The Indian government has introduced an Rs 181 billion production-linked incentive (PLI) scheme to establish advanced chemistry cell (ACC) manufacturing facilities, targeting 50GWh of domestic production. Major companies like Amara Raja, Ola Electric, Exide Industries, Reliance Industries, and GODI India are already setting up gigafactories to meet this demand.
With battery costs accounting for around 40% of an electric vehicle's price, the development of a local battery supply chain is expected to reduce costs and accelerate EV adoption across India. Gadkari believes that this shift will position India as a global leader in battery exports while fostering growth in the country's green energy sector.
(Auto Car Pro)
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