India to offer incentives to solar PV makers
In a bid to attract global firms that are planning to shift manufacturing out of China, India is working on incentives for producers of high-efficiency solar photovoltaic (PV) modules and battery storage. The government is also looking at a package for ₹18,000 crore for battery storage manufacturing over the next six years, and a ₹4,500 crore scheme to attract solar PV makers.
Another measure in the pipeline is that India is planning to build at least four Tesla-style giga factories to manufacture batteries with an investment of around US$4 billion. It is also planning to offer land near its ports to companies for building solar equipment factories. The move follows the government’s decision to impose tariff and non-tariff barriers to put a check on imported solar cells and modules that will make their sourcing from China costlier.