Published on 28th June 2023
The Indian government has proposed plans for a production-linked incentive subsidy scheme worth USD 2.63 Billion. The draft proposal is said to push India's target to generate 500GW of renewable energy. After a bold commitment to meet one-third of its energy needs from renewable energy sources by 2030 at COP 21 in Paris in 2015, the Indian government has made significant policy recalibration to promote the renewable energy sector. Even the target of 33-35% renewable energy has been revised to 50 percent.
Read about India's renewable energy policy here.
Since then the government has introduced a host of new policy initiatives to scale up the share of clean energy drastically. As per our India battery market report, India will be a key global player in renewable energy sectors such as wind, solar, and green hydrogen.
The new subsidy scheme is believed to provide the necessary steam for private companies and OEMs to focus on the production of electricity grid batteries in India.
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