India’s 2023-24 budget shows the government’s plans to support the domestic production of lithium battery cells.
From pv magazine India
Green growth is one of the seven priorities in India’s Union Budget 2023-24. As the nation targets net-zero carbon emission by 2070, “the budget builds on the government’s focus on green growth,” Finance Minister Nirmala Sitharaman said in a speech this week.
The budget focuses on emerging clean technologies such energy storage, green hydrogen, and electric mobility. It also signifies the government’s resolve to boost domestic solar and battery manufacturing, while waiving import duties on capital goods and machinery needed to manufacture lithium battery cells for EVs.
In addition, Sitharaman has announced viability gap funding (VGF) for battery energy storage projects with capacities of 4 GWh. A detailed framework for pumped storage projects will also be formulated. Customs duty has been waived on capital goods and machinery required to manufacture lithium-ion cells for batteries used in electric vehicles.
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