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THE IMPORTANCE OF GIGAFACTORIES in INDIA



  Jun 15, 2024

THE IMPORTANCE OF GIGAFACTORIES in INDIA



Overview

A gigafactory is a large-scale factory that produces batteries and other energy storage products. The term was first used by Tesla CEO Elon Musk in 2013, referring to a factory capable of producing thousands of gigawatts of energy through end-to-end battery manufacturing.

Reasons for Gigafactories

• Renewable Energy: Gigafactories play a crucial role in promoting renewable energy by producing energy storage products on a large scale.

• Economical: The end-to-end process of building commercially usable energy cells and batteries in a gigafactory makes battery manufacturing more economical.

• Job Creation: Gigafactories create thousands of jobs in order to execute the entire process.

• Clean Energy Space: Establishing gigafactories aids in creating jobs and helps India become a significant player in the global clean energy sector.

Government Policies

• Production Linked Incentive (PLI) Scheme: The Indian government has implemented policies like the PLI scheme for Advanced Chemistry Cell (ACC) Battery Storage to incentivize companies to set up gigafactories in India.

• Investment Plans: The government has announced plans to invest INR 18,100 crore in the PLI scheme to promote the development of gigafactories.

• National Programme on ACC Battery Storage: Launched by the Ministry of Heavy Industries, this program aims to promote the development of gigafactories in India.

Objectives of Policies

These policies aim to:

• Promote the development of gigafactories in India.
• Reduce the country’s dependence on foreign battery imports.
• Promote the growth of the clean energy sector in India.



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