According to a government proposal, India plans to provide $4.6 billion in incentives for companies to build advanced battery manufacturing plants to promote the popularity of electric vehicles and reduce dependence on oil. The proposal was drafted by NiTi aayog, a federal think tank headed by Prime Minister Narendra modi. If electric vehicles are widely used, India could cut oil import spending by as much as $40 billion by 2030, the proposal said. A senior Indian government official said the proposal could be reviewed by modi’s cabinet in the coming weeks. NiTi aayog and the Indian government have not responded to requests for comment. < / P > < p > NiTi aayog’s proposal proposes to provide $4.6 billion in incentives for companies that manufacture advanced batteries by 2030. First, starting from the next fiscal year, 9 billion rupees (about US $122 million) in cash and infrastructure incentives will be provided, and then increased annually. < / P > < p > the proposal said: “at present, India’s battery energy storage industry is in a very embryonic stage, and investors still have some concerns about investing in this sunrise industry.” The proposal also says India plans to retain a 5% import tax rate on certain types of batteries, including electric vehicle batteries, by 2022. But after that, it will be raised to 15% to promote local manufacturing. At present, although India is keen to reduce its dependence on oil and reduce pollution, its efforts to promote electric vehicles have been hindered due to the lack of investment in infrastructure such as manufacturing and charging stations. In the last fiscal year, India sold only 3400 electric vehicles, compared with 1.7 million traditional passenger cars. < / P > < p > analysts said India’s policy could benefit battery makers such as South Korea’s LG Chem and Japan’s Matsushita, as well as automakers such as Tata Motors and Mahindra & Mahindra, which have already started producing electric vehicles in India. < / P > < p > the proposal also states that the current annual demand for battery storage in India is less than 50 GWH, and the market size is slightly higher than US $2 billion. But ten years later, it may increase to 230 GWH and 14 billion US dollars respectively. < 4 < air < 4 core= https://ibmwl.com/category/global-tech/ target=_ blank>Global Tech