It was reported by India's economic times that Modi government on March 7th approved the implementation the plan called “National Mission On Transformative Mobility and Battery Storage” to promote clean,connected,shared and sustainable mobility energy initiatives.
Meanwhile, Modi also approved the “Phased Manufacturing Program” to support the development of India’s large and competitive export manufacturers of Giva-class batteries and promote localization of India's electric vehicle industry chain. Both plans will be in place for 5 years till 2024.
To support the implementation of Giva-class battery manufacturing plan, India “National Mission On Transformative Mobility and Battery Storage” plan will focus on large component and packaging assembly plants in the year of 2019-2020 and integrate battery manufacturing from 2021-2022.
According to the analysis and prediction of Indian Energy Storage Alliance(IESA), India is forming a large demand for electric vehicles and has a huge potential market in battery energy storage. By 2025, the energy storage market in India will grow to more than 300GWh. IESA has taken the lead in promoting vehicle electrification to advocate the cooperation between electric vehicle manufacturers and battery charging infrastructure companies, and vigorously improve local manufacturing capacity of electric vehicle components.
The head of IESA said more than 10 companies are engaged in the production of battery energy storage equipment components and lithium battery assembly in India. It‘s expected that 4 or 5 companies will enter the battery manufacturing industry in the next 2 or 3 years. Appropriate government policy support will enable Indian companies to diversify their enery storage business. Through manufacturing program, Indian companies will be able to compete with large manufacturers of battery energy storage products such as China, Australia, Germany,the United States,Taiwan and South Korea.