Markets & Policy

India announces $3bn package to attract solar module and advanced battery manufacturers

An ambitious, $19.5 billion, five-year expansion of a previous domestic industry spending program includes money to attract investment into the sustainable energy and transport technologies.

By

Uma Gupta

12 Nov 2020

2

The program will have a five-year budget. | Image: hari_mangayil, Pixabay

India’s Union Cabinet, chaired by prime minister Narendra Modi, has expanded the remit of a national program to encourage domestic manufacturing and attract overseas companies, by adding ten new production areas to its remit, including high-efficiency solar PV modules and ‘advance-chemistry-cell’ batteries.

A previous INR51000 crore ($6.83 billion) move to incentivize the manufacture of electronic components, pharmaceuticals and medical devices has been expanded with an additional near-INR146000 crore ($19.5 billion), five-year budget which will devote INR18100 crore ($2.42 billion) to advanced battery manufacturing and INR4500 crore ($602 million) to solar panel production.

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