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Plan to offer subsidy on EV and mobile batteries gets FinMin clearance

A Niti Aayog’s 700 crore plan to subsidize manufacturing of EV and mobile phone batteries has got a green signal from Finance ministry and now it will be sent for cabinet review. 

Post cabinet’s approval, Niti Aayog will invite bids to set up these plants and it hopes that they will be operational by 2022. Domestic production of batteries will help bring down the costs of electric vehicles, resulting in faster adoption

As per an estimate, India would need 600 GWh battery capacity for 10 years starting 2020.