Government in the process of finalizing new energy policy: NITI Aayog Additional Secretary

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Government thinktank NITI Aayog‘s additional secretary (Energy) R.P. Gupta has informed that the Indian government is in the process of finalizing an energy policy for the country.

“The new policy will address the issues of accessibility and affordability, energy security, thrust on clean source energy and the overall requirement of energy,” said Gupta while speaking at an energy storage conference.

Highlighting the potential of energy storage in India, Gupta said: “The focus will also be on Make in India for cells used in battery in electric vehicles along with policy for demand creation and measures to incentivize investments.”

Currently, India imports almost all its li-ion battery or cells. Most of the work on li-ion batteries is still focused on R&D – and that too at central government level. In the private sector, meanwhile, companies primarily build battery packs with li-ion cells imported from China

“Hopefully in short period of time a new policy will come in place to encourage domestic manufacturers,” Gupta added.

Energy efficiency is another priority area that the government is focusing on. “What we have estimated is that if we come out with proper policies and solutions for energy efficiency, the total energy requirement can be reduced by 20%,” Gupta said.

Stressing on the need for battery manufacturing ecosystem, Panasonic India & South Asia CEO Manish Sharma said, “With India’s focus on renewable energy and electric mobility, energy storage solutions are set to play a crucial role in scripting the sector’s success. India leads the global electricity market with almost 6% of the total electricity demand. We will account for 8% of the global electricity generation by 2025.”

“Given the increasing demand and competitiveness of renewable power generation options, electricity storage will play a crucial role in enabling the next phase of the energy transition. Hence it is important to build an ecosystem which promotes battery manufacturing in the country.”

SB Energy Executive Chairman Manoj Kohli said, “The cost of electric vehicles will come down only when the cost of storage battery is reduced.”

He further added that in the next decade there is going to be a massive energy transition in India.