New Delhi, Sep 7 (IANS) The advanced chemistry cell (ACC) battery and related component manufacturing sector in India is expected to attract or garner investments worth $90 billion (Rs 7.5 lakh crore) over the next 5 years, according to the latest data from the battery manufacturing industry.
According to the India Energy Storage Alliance (IESA), the ACC manufacturing industry also has the potential to create 50,000 direct jobs during this period.
IESA is demanding parity of policy between ACC-PLI Bid Winners and non-PLI companies for issuance of business visas to foreign experts for setting up and commissioning of ACC factories in India.
Taking into account the recommendations of IESA and the needs of the industry, the Government has announced that foreign subject matter experts/engineers/technical personnel being hired by Indian companies under the PLI scheme or PLI will be granted Multiple Entry Business Visa (non-extendable) for a period of 6 months. This has also been approved by the concerned Ministry.
This will apply to installation and commissioning, necessary maintenance with quality checks, production, IT and DRP ramp-up, training, supply chain development for empanelled vendors, plant design, among others.
Debi Prasad Das, President, India Energy Storage Alliance (IESA) welcomed the move, saying it would create opportunities for development of additional 100+ GW of ACC battery and battery component factories in India over the next five years.
“Additionally, it will relieve foreign exchange shortage due to ACC imports and reduce India’s dependence on China and other countries,” he added.
To become a global EV manufacturing hub, India must develop a comprehensive and indigenous value chain for EVs and their components.
Currently, manufacturing of ACC batteries (which accounts for at least 50 per cent of the cost of an EV) is in the nascent stages in India.
The Ministry of Heavy Industries had introduced the PLI ACC scheme in 2022 with the target of setting up 50 GW of indigenous ACC manufacturing in India.
–IANS
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