Revamping India's Energy Future: A Call for Self-Sufficiency

Commerce and Industry Minister Piyush Goyal urged the energy storage industry to reduce reliance on imports. He emphasized the need for innovative research, development of local manufacturing, and building resilient supply chains, particularly focusing on the infrastructure for electric vehicles and the production of semiconductors and critical minerals.

Commerce and Industry Minister Piyush Goyal has called on the energy storage industry to decrease its dependence on imports from specific countries and to investigate alternative supply sources.

Addressing a function on energy storage, Goyal highlighted the necessity for innovation through research and development to forge more groundbreaking products within the sector. He emphasized that reducing the reliance on certain geographies could help build a more resilient supply chain.

With China imposing restrictions on rare earth magnets, posing challenges particularly to the automotive sector, Goyal suggested exploring new technologies aimed at achieving self-sufficiency. He also advocated for the development of charging and battery swapping infrastructures to accelerate electric vehicle adoption and encouraged expanding manufacturing in critical minerals and semiconductors. The government, he noted, is already taking steps to enhance domestic manufacturing, as evidenced by the remarkable 4,000 percent increase in installed solar capacity and substantial growth in solar photovoltaic module and cell capacities.

(With inputs from agencies.)