India's move towards 100 per cent electric
vehicles (EVs) fleet by 2030 could create a USD 300 billion domestic market for
EV batteries, according to a report by government think tank Niti Aayog and Rocky Mountain Institute.
batteries to meet the requirement for shifting to the clean energy fuel by
2030, an investment of USD 100 billion may be required to set up 20 giga factories,
based on today’s cost.
As per the
report, a gigafactory is a factory that is representative of Tesla's battery
manufacturing facility in Nevada, USA which has a total manufacturing capacity
of 35Gwh per annum and required an investment of USD 5 billion, thus taking the
investment to USD 100 billion for 20 giga factories.
on the findings, NITI Aayog CEO Amitabh Kant said,"India's mobility transformation presents an
enormous economic opportunity for India."
Mountain Institute Managing Director (India) James Newcomb said while the
global energy transition is already underway and moving with breathtaking
speed, many forecasts have not taken into account India's ambitions in
has an opportunity not only to become one of the largest electric vehicle
markets in the world, but also to support electric vehicle adoption
globally," he added.
however said coordination among industry stakeholders and government can help
define a pathway to growth and competitiveness by establishing a shared
technology roadmap, creating common standards, and aligning policies.
and RMI recommended that India create a consortium, including representatives
from the battery industry, OEMs, government, and subject experts to work
towards achieving the goal.