India's energy storage mission: a make in India opportunity for globally competitive battery manufacturing
India's move towards 100 per cent electric vehicles (EVs) fleet by 2030 could create a $ 300 billion domestic market for EV batteries, according to a report by government think tank Niti Aayog and Rocky Mountain Institute. The country will account for two-fifths of global EV battery demand by then and the shift to the clean energy fuel could require an investment of $ 100 billion to set up 20 Giga factories to produce batteries, based on today's cost. In line with India's aspiration to have 100 per cent EV sales by 2030, India can rise among the top countries in the world in manufacturing batteries, the report said. Titled 'India's Energy Storage Mission: A Make in India opportunity for globally competitive battery manufacturing', the report further said the country's ambitious target for EVs is a "game changer and its achievement could drive down costs and build production-scale faster than anticipated in existing projections". India's leapfrog vision of a shared, electric, and connected mobility system could create a $300 billion domestic markets for electric vehicle (EV) batteries by 2030, it said. This would represent nearly two-fifths of global EV battery demand, according to the report.