India's Energy Storage Sector Receives A Major Boost With 6X Budget Increase

Mobility Outlook Bureau
01 Apr 2024
06:37 PM
1 Min Read

Government of India's budget enhancement in the Advanced Chemistry Cell sector promises a vibrant future for the country's energy storage and e-mobility landscape.


At the curtain-raiser event for the India Energy Storage Week (IESW) 2024 hosted by the India Energy Storage Alliance (IESA), Vijay Mittal, Joint Secretary, Ministry of Heavy Industries, unveiled the government's substantial financial commitment to enhancing India's advanced battery manufacturing sector. The budget for the Advanced Chemistry Cell (ACC) sector has witnessed a remarkable six-fold increase, demonstrating the government's dedication to fostering a self-sufficient energy ecosystem and bolstering e-mobility and heavy industry sectors.

This announcement was a highlight at the IESA's curtain-raiser conference, which sets the stage for the upcoming IESW 2024 – a landmark event in the global energy storage industry, scheduled from July 1 – July 5 in New Delhi. Celebrating its 10th anniversary, IESW 2024 is poised to be a crucial platform for stakeholders across the energy storage, e-mobility, and green hydrogen ecosystem.

The conference showcased insights from key industry figures, highlighting India's accelerated transition from a consumer to a pivotal hub in the global energy storage market. With over 200 exhibitors and participants from more than 50 countries, the event is designed to catalyse partnerships, innovation, and investment in India's burgeoning energy storage sector.

'The leap in budget allocation for the ACC sector from INR 1,118 crore to a notable growth, reflects our government's resolve to position India at the forefront of the global energy transition,' stated Shri Mittal. 'This financial boost is a testament to our belief in the sector's potential to contribute significantly to our nation's economic and environmental objectives.'

IESW 2024 will feature activities including CXO roundtables, buyer-seller forums, skill development initiatives, and the prestigious IESA Industry Excellence Awards. The event aims to bridge the gap between innovation and market application, showcasing India's leadership in the advanced energy storage space.

Dr Rahul Walawalkar, President of IESA, emphasised the event's role in fostering a comprehensive ecosystem for energy storage and e-mobility in India. 'With the government's backing and a collaborative platform like IESW, we are not just envisioning but actively creating a future where India is a global hub for advanced energy storage solutions,' he remarked.

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