Import duty waivers on lithium and other critical minerals were expected to decrease battery costs for electric vehicles and energy storage, according to INOXGFL's Devansh Jain. Jain stated that battery chemicals made up about 35% of EV battery costs, and reducing import duties would lower overall EV costs. The initiative, along with the PLI scheme, aimed to encourage investments in EV battery manufacturing. Jain also noted that the high cost of battery storage hindered large-scale adoption, which required significant cost reductions for broader use.
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