On June 28, according to the British Financial Times, the Indian government is preparing to introduce a new multi-billion-dollar subsidy plan to provide subsidies to companies that produce grid energy storage batteries to accelerate the transition to clean energy.
The draft production-linked incentive subsidy scheme will provide companies with 216 billion rupees ($2.6 billion) from this year to 2030 to build 50 GWh of energy storage production capacity in India.
The plan, submitted by India’s Ministry of Power, is currently under discussion and subject to change.
The Indian government also plans to provide about $500 million in financing to bridge the “viability gap” of companies investing in the sector, given that the sector remains high-risk, an official said.