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Shift to 100% EV can create $300bn domestic battery market: Niti Aayog report

 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.

To produce 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.

Commenting on the findings, NITI Aayog CEO Amitabh Kant said,"India's mobility transformation presents an enormous economic opportunity for India."

Rocky 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 mobility.

"India 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.

The report 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.

NITI Aayog 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.

 

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