The report also suggests that the NITI Aayog has drafted a proposal. The same might be made public once seen by the the Prime Minister
After introducing schemes worth thousands of crores to promote electronics and smartphones manufacturing in India, the authorities might have turned focus on electric vehicles and their domes production.
A report published in the Tech Story highlights that the government is now working on a new policy to boost doemstic manufacturing of batteries for EVs in the country. This proposal, as per the report, might outlay incentivies worth $4.6 billion for manufacturers setting up battery manufacturing units in the country.
In other news, QuantumScape, a battery startup in USA, is going public with valuation of around $3.3 billin dollars. Founded by Jagdeep Singh, this startup is backed by the likes of Bill Gates and VolksWagen group.
NITI Aayog has prepared the draft
The report further hughlights that NITI Aayog has already prepared a draft is waiting for the prime minister of India, Narendra Modi, to review the same. The proposal outlays incentive of $4.6 Billion by 2030.
It will be for the companies planning to develop EV battery systems in India. The investments required by single companies might be approximately $122 Million over a period of time.
In 2017, as per a report by Mckinsey and Company, global EV-battery manufacturers produced an estimated 30 gigawatt-hours of storage capacity, almost 60 per cent more than in the previous year. The EV-battery market is dominated by players from only three countries, all of them in Asia: China, Japan, and Korea.
The Indian electric vehicle ecosystem market, analyzed by BIS Research, is anticipated to grow at a robust CAGR of 43.13 per cent during the forecast period from 2019 to 2030. Additionally, installation of charging infrastructure is projected to grow at a CAGR of 42.38 per cent. With the entry of local battery manufacturers such as TATA Chemicals and BHEL alongside the import of batteries from global players, the electric vehicle battery market is expected to grow at a whooping CAGR of 60.15 per cent during the forecast period.