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chain?","what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain","article/what-do-indias-elections-mean-for-the-lithium-ion-battery-supply-chain",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":696,"featured":51,"reporter":697,"_editable":701,"component":702,"seo_title":543,"categories":703,"visibility":717,"author_company":49,"featured_image":718,"seo_description":696,"author_full_name":49,"author_job_title":49,"formattedDate":724,"formattedArticleDate":725},"bd3fc0a6-1a23-4d75-b259-d87735bee2cc","2024-04-26 00:00",[550,553,556],{"slug":551,"name":552},"elections","Elections",{"slug":554,"name":555},"india","India",{"slug":557,"name":558},"policy","Policy",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":570,"content":571},"doc",[572,579,594,599,604,609,614,619,624,629,636,641,646,651,656,661,666,671,676,681,686,691],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"India’s Prime Minister Narendra Modi is on track to win a third term in the country’s ongoing general elections, a reassuring prospect for many lithium ion stakeholders. ","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582,584,592],{"text":583,"type":578},"Under the pro-business, pro-growth leader, the number of ",{"text":585,"type":578,"marks":586},"pipeline battery gigafactories",[587],{"type":588,"attrs":589},"link",{"href":590,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/","url",{"text":593,"type":578}," in India has gone from zero to four in around two years.  ",{"type":573,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":578},"Three of these emerged out of subsidies awarded in 2022 under the Production Linked Incentive (PLI) scheme, a flagship industrial initiative authorised with a INR 181 billion (US$2.17 billion) budget for the battery industry.",{"type":573,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":578},"India’s battery ambitions are enshrined in two key targets:",{"type":573,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":578},"India’s battery ramp-up is in its earliest stages. However, one factor that looks likely to ensure its long-term commitment to nurturing a domestic industry is the West’s pivot away from Chinese-dominated supply chains.",{"type":573,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":578},"Chinese derisking has been one of the biggest factors driving investment into India, supporting the country’s world-leading growth rates over recent years.",{"type":573,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":578},"Building capacity in strategic sectors like batteries could enable India to fill some of China’s functions as a global exporter and offer paths towards manufacturing-led development – a goal shared by the country’s major parties.",{"type":573,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":578},"“Even if opposition forces were a serious threat to Modi, no major Indian political group advocates abandoning Modi’s basic pro-manufacturing, pro-growth position,” said Bryan Bille, principal policy analyst at Benchmark.",{"type":573,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":578},"Yet India’s EV battery value chain is still small and uneven, raising questions about how realistic its ambitions are.",{"type":630,"attrs":631,"content":633},"heading",{"level":632,"textAlign":49},4,[634],{"text":635,"type":578},"Is India on track to meet its battery targets?",{"type":630,"attrs":637,"content":638},{"level":632,"textAlign":49},[639],{"text":640,"type":578},"What next? ",{"type":573,"attrs":642,"content":643},{"textAlign":49},[644],{"text":645,"type":578},"Modi’s commitment to battery industry growth is clear. Yet questions remain about routes to implementation.",{"type":573,"attrs":647,"content":648},{"textAlign":49},[649],{"text":650,"type":578},"One variable in Modi’s battery and EV buildout will be the weight given to foreign or domestic companies. ",{"type":573,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":578},"So far, the emphasis has been on attracting foreign entities with the March 2023 EV investment policy a clear example of this, granting import duty cuts for companies that set up factories on Indian soil under certain conditions. ",{"type":573,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":578},"Yet there has been pushback among domestic producers such as Mahindra and Tata Motors, who have previously requested the government not to lower import duties for foreign producers. ",{"type":573,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":578},"The government argues that conditional import duty cuts are necessary to boost local EV production early on in the ramp-up. ",{"type":573,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":578},"If the government’s priority is on expanding local capacity regardless of ownership, it is similarly ambivalent about end markets. ",{"type":573,"attrs":672,"content":673},{"textAlign":49},[674],{"text":675,"type":578},"“When local capacity is there, there will be growth in both domestic sales and exports,” commented Manish Dua, principal consultant at Benchmark. “There is no outright agenda to focus on exports. It depends on the companies looking to invest and where their customers are located.”",{"type":573,"attrs":677,"content":678},{"textAlign":49},[679],{"text":680,"type":578},"India’s federal battery policy has leaned towards incentivising production over stimulating consumption. This fits with historical patterns of state-led industrial buildout, close ties between the state and large private companies, and budget constraints.",{"type":573,"attrs":682,"content":683},{"textAlign":49},[684],{"text":685,"type":578},"“India is not going to provide demand-side incentives at the levels offered by the US, EU, or China,” Dua said.",{"type":573,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":578},"India’s state governments are also playing a role in market-building.",{"type":573,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":578},"“Respective state governments also offer supply side incentives, including tax credits and support mechanisms, that are quite attractive. These are underappreciated aspects of Indian manufacturing policy,” said Dua.","India’s Prime Minister Narendra Modi is on track to win a third term in the country’s ongoing general elections, a reassuring prospect for many lithium ion stakeholders. Under the pro-business, pro-growth leader, the number of pipeline battery gigafactories in India has gone from zero to four in around two years. Three of these emerged out […]",[698],{"slug":561,"name":562,"content":699},{"job_title":564,"image":700,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bd3fc0a6-1a23-4d75-b259-d87735bee2cc\", \"id\": \"\"}-->","article",[704,706,709,711,714],{"slug":705,"name":261},"anode",{"slug":707,"name":708},"batteries","Batteries",{"slug":710,"name":298},"cathode",{"slug":712,"name":713},"critical-minerals","Critical Minerals",{"slug":715,"name":716},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":719,"name":720,"focus":720,"title":719,"source":720,"filename":721,"copyright":720,"fieldtype":722,"meta_data":723,"is_external_url":51},"The Indian flag held up in a crowd","","https://a.storyblok.com/f/287943243085208/af07b2233b/bm-triranga-the-indian-flag.jpg","asset",{"alt":719,"title":719,"source":720,"copyright":720},"Apr 26, 2024","26th April 2024",[],[],1784052274466]