PLI scheme for EV batteries gets nod
India on Wednesday approved a ₹18,100 crore production-linked incentive (PLI) scheme for building Tesla-style giga factories to manufacture batteries.
The proposal, approved by the Union cabinet chaired by Prime Minister Narendra Modi, comes as the country accelerates steps to switch to electric vehicles (EVs) to curb rampant pollution in its major cities and cut reliance on costly oil imports.
The plan is to set up 50 giga watt hour (GWh) manufacturing capacity for advance chemistry cell batteries by attracting investments totaling ₹45,000 crore, according to the government. One GWh (1,000-megawatt hour) of battery capacity is sufficient to power 1 million homes for an hour and around 30,000 electric cars. Mint reported on September 11 about the ₹18,000 crore package being in the works for battery storage manufacturing.
