Indian authorities are confident that these actions—which also aim to expand grid-scale energy storage capacity and promote the domestic processing of critical minerals—will be effective, according to a report from the securities division of the Industrial Credit and Investment Corporation of India (ICICI), as cited by the news agency ANI.
The report indicates that these measures have taken on greater importance amid the energy crisis triggered by the war in the Middle East and prevailing geopolitical uncertainties, both of which have underscored the need for India to strengthen its energy and critical mineral supply chains.
“We believe both measures are welcome steps along the path India wishes to follow toward self-sufficiency in energy and critical minerals,” the research states.
However, it warns that their success depends on timely execution and the ability to secure the supply of critical minerals and intermediate materials.
Under the energy storage scheme, the government aims to support the development of 92 gigawatts of grid-scale storage capacity between the 2026-2027 and 2030-2031 fiscal years.
The proposed capacity includes 60 gigawatts from pumped-hydro storage projects, 30 gigawatts from battery energy storage systems (BESS), and 2 gigawatts from alternative and emerging storage technologies.
This proposed addition is equivalent to approximately 170% of India’s current energy storage capacity and is intended to help meet the country’s projected requirement of 411 gigawatts by 2031-2032.
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