India wants to subsidize the manufacture of EV batteries

It is open the possibility to India to subsidize the manufacture of EV batteries following a proposal to help domestic industries build new battery manufacturing plants. The $4.6 billion will reach subsidy that Indian government plans to give.

A survey showed that by 2030 battery imports will reach $40 billion as a result of the rapid growth of electric cars. According to Reuters, the report proposed, among other things, a $4.6 billion subsidy by 2030 to domestic companies that manufacture batteries.

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India wants to subsidize the manufacture of EV batteries

The proposed plan foresees the launch of 122 million in the first year to enhance liquidity and improve the infrastructure of these companies. As part of the plan, it is proposed to increase the import tax from 5% to 15% by 2022 in order to create incentives to boost domestic production.

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But for now, India seems to be still well behind in accepting electric cars. Last year sales of electric vehicles amounted to just 3,400 units when those of conventional models reached 1.7 million units. The report does not refer to the number of electric cars estimated to be in circulation in India by 2030.

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