New PLI Scheme In Works For Grid-Connected Battery To Push EV Adoption

New Delhi, Oct 17 (KNN) Union power minister R K Singh on Monday informed that the government will bring out another PLI scheme for grid connected battery to bring down its cost and improve the adoption of electric vehicles in the country.

Addressing the gathering at EV Ready India Dashboard of OMI Foundation, the minister said, “We are coming out with another PLI to increase the volumes of storage or battery.”

“Price of storage will come down only if you add volumes. That is why there is a PLI for storage,” he said.

The minister said that limited battery manufacturing capacity is the reason for high prices of EVs.

In May 2021, the government granted approval for a PLI scheme dedicated to advanced chemistry cell batteries, with a projected budget of Rs 18,100 crore.  The scheme's primary objectives were to draw in both foreign and domestic investments totaling Rs 45,000 crore and to facilitate the production of 50GW of battery storage capacity.

“For us as a country switching to electric mobility is of absolute importance. One rider to emerge as a power (economy), is that you cannot be energy dependent. That is our primary reason to push towards EV,” Singh said.

The minister also said that transition to EV will reduce emissions in India, helping the country to achieve its sustainability targets. Talking about India’s rising power demand, the minister highlighted that in the first half of October, demand rose by 16 per cent.

(KNN Bureau)