Setting up Battery Manufacturing Plant in India will be game changer for EV Industry

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The setting up of a battery manufacturing plant in India will play a significant role in the expansion of the EV sector, enticing numerous global and local businesses to the race. 

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Electric vehicles have grown quite popular among regular Indians in recent years, penetrating into every family.

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The battery accounts for 40-50% of an EV’s entire production budget. The increased usage of electric vehicles in our transportation system is predicted to increase the consumption of lithium-ion batteries.

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Incentives also play an important part in establishing a manufacturing facility, and according to current government information, a substantial quantity of incentives and increments are observed to flow towards manufacturing enterprises via the PLI system.

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Setting up these plants will help the government reach the target of 30% of private EV sales by 2030. At the moment imported lithium-ion battery cells attract a GST of 18% while Evs as a whole attracts only 5%.

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Elon Musk, the Tesla Ceo in a tweet announced that the company will be initiating in-house battery production leading to having the production cost. Therefore India wants to be a strong hub EV industry it will have to boost its large-scale local manufacturing of batteries.