While outlining the government’s priority towards sustainable development, Finance minister Nirmala Sitharaman announced the development of battery energy storage systems with capacity of 4,000 MWH supported with Viability Gap Funding.The budget also provided custom duty exemption to imports of capital goods and machinery required for manufacture of lithium-ion cells used in electric vehicle batteries.According to Somesh Kumar, Partner & Leader- Power, EY India, “This is one of the most capital intensive areas in the entire value chain and should go a long way in improving the viability of batteries and the electric mobility sector.”“Customs exemption on capital goods and machinery for lithium batteries will reduce the per kilowatt-hour cost of batteries and thus accelerate EV adoption in both personal and commercial segments,” said Visakh Sasikumar, CEO & Co-founder, Fyn…
Battery energy storage system of 4,000 MWH to be set up, Energy News, ET EnergyWorld
