Govt. Has Just Approved 5-Yr Plan For EV Battery Manufacturing And Here’s Why It Is Important

Building on its recently announced budget of Rs 10,000 crore for increasing the electric and hybrid vehicle adoption through the second phase of the FAME scheme, the government of India now aims to address the energy storage requirement for these vehicles. For this, the cabinet has approved Phased Manufacturing Programme (PMP) on March 7, essentially targeting “clean, connected, shared and sustainable” mobility solutions.

Headed by Prime Minister Narendra Modi, the cabinet approved the PMP under its National Mission on Transformative Mobility and Battery Storage (NMTMBS). The aim is to run the PMP for five years to “support setting up of few-large scale, export-competitive integrated batteries and cell manufacturing Giga plants”.

The whole agenda is to promote indigenous manufacturing of all EV components. The PMP scheme, scheduled to pan out from 2019-20 to 2023-24 will be approved by the NMTMBS to help with this.

The steering committee for the mission will constitute representatives of 8 ministries and departments for enhanced synergy and easier and meticulous creation of policy framework. The programme also comes as a signal to the industry players to push for local manufacturing in India for their EV lineup.

(REPRESENTATIVE IMAGE: REUTERS)

Source: indiatimes