Commerce and Industry Minister Piyush Goyal on Thursday asked the energy storage industry to reduce dependency on imports from certain countries and explore alternate sources of supply. He also suggested the industry to focus on research and development for creation of innovative products.
"We must work to prevent distortions. We must reduce our dependency on particular geographies and look at alternative sources of supply, where we can have resilience in our supply chain," Goyal said at a function on energy storage.
He said the industry should look at newer technologies to cut overdependence on imports and focus on self-sufficiency.
These remarks are important as sectors such as auto are facing challenges and difficulties due to restrictions being imposed by China on rare earth magnets.
China's fertiliser export curbs are also creating issues for Indian players.
The minister added that all industry stakeholders should join hands to develop charging and battery swapping infrastructure for faster EV (electric vehicle) adoption.
They should also explore new opportunities to expand manufacturing in areas like critical minerals and semiconductors.
He added that the government is taking measures to boost domestic manufacturing in the segment.
"There is a remarkable 4,000% increase in our installed solar capacity, our overall renewable energy capacity stands at 227 GW," he said, adding that "today solar photovoltaic module capacity has increased nearly 38-fold and our solar photovoltaic cell capacity has increased 21-fold."
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