Indian government plans huge subsidies for battery manufacturing

The Indian government is developing a multi-billion dollar subsidy plan to promote the development of the battery manufacturing industry, thereby accelerating the transition from fossil fuels to clean energy. Indian Prime Minister Narendra Modi has expressed his hope to build a 500-gigawatt renewable energy system by the end of the 20s. Therefore, energy storage is as important to India as other countries and regions. The subsidy plan will last from this year to 2030, providing companies with 216 billion Indian rupees (about 2.6 billion US dollars) in subsidies to build 50 gigawatt-hours of battery production capacity. In addition, India is also actively building a lithium battery industry chain in the country, and plans to produce at least 90% of batteries domestically in the future, covering the entire upstream and downstream industry chain.