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Synopsis
India’s imports of lithium-ion batteries are set to jump 5x between FY18 and FY23 and nearly 90% of it is coming from China. Despite this, the demand for EV batteries in the country is not strong enough to attract companies looking to build production capacities at scale.
The race for lithium-ion batteries has begun in India. The numbers look impressive. A total of 10 bids with a combined capacity of 130 GWh were received in January 2022 under the Production Linked Incentive (PLI) Scheme for Advanced Chemistry Cell (ACC) Battery Storage. According to the government, private players are expected to create additional battery manufacturing capacity to the tune of ~95 GWh. Yet, the prestigious scheme has thrown up
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