India gears up for multi-billion dollar battery subsidies

The Indian government is preparing a new multi-billion dollar subsidy scheme for companies making electricity grid batteries as part of its transition to clean energy, the Financial Times reported on Wednesday, citing a power ministry proposal.

The draft proposal for a production-linked incentive subsidy scheme would offer 216 billion rupees ($2.63 billion) from this year through to 2030 for companies to set up manufacturing capacity for battery cells in India, the FT reported.