banking service chronicle This article was published in September Meeting climate goal targets: by reducing Indias GHG emissions as battery storage enables increased penetration of renewable energy on the grid and facilitates the demand for electric vehicles.Electric Vehicle Ambition: It will help to meet the EV 30@30 goals (setting the objective to reach a 30% sales share for EVs by 2030).Benefit to overall economy: Significant growth as a battery manufacturing hub could help establish India as a centre for cutting-edge research and innovation boost its manufacturing capabilities create new jobs and foster economic growth. Way ForwardIncentives to manufacturers: Direct fiscal incentives tax credits and partnerships with industry leaders are among the strategies that can be used to catalyse the growth of energy storage manufacturing.Securing Raw Material Supply: India could develop external supply chains in both the near and long terms as well as invest in battery recycling to ensure that its access to critical raw materials (like lithium-ion cobalt etc.) remains strong.Special Economic Zones: Specifically for battery manufacturers can stimulate investment by providing land infrastructure and a streamlined regulatory environment which lower the risk for firms making such investments banking service chronicle magazine subscription.
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