InvestorQ : govt announced some benefits to battery cos which are benefitted?
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govt announced some benefits to battery cos which are benefitted?

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Allysin Pinto answered.
4 months ago
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Fossil fuels and oil are a non renewable source of energy that contributes largely to air pollution. Electric vehicles are a good alternative but isn't as popular or widely used now. To counter this, our government of India has come up with the plan to increase funding. Incentives have been offered to battery manufacturers who are willing to set up advanced battery manufacturing units. This helps boost the clean energy initiative in India as well as promote the'Make in India' movement.

Companies are expected to start working on this once the amount is given, this is estimated to be in 2022 and by 2025, work is expected to be in full force. Through this, the cost of importing oil is predicted to go down by 40 billion dollars.

In Gujarat, a subsidy of Tata motors is going to set up a manufacturing plant of batteries. The joint venture of Suzuki Toshiba Denso are planning on starting the manufacturing process next year. Few lithium ion producers are said to set up plants in Andhra Pradesh and Telangana.

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