LOHUM CEO Rajat Verma: PLI schemes to propel India

08 Jul 2024 CW Team

Verma highlighted that current government incentives are mainly focused on cell manufacturing. "The government has discussed potential PLIs for CAM, as well as for the production and recycling of critical materials. These conversations are ongoing," Verma explained. He praised the existing PLI schemes for enhancing the global competitiveness of Indian manufacturers and called for their expansion. "The more such PLI schemes there are, the greater the chances that India will establish a significant presence in the global critical minerals and battery supply chain," he added.

Addressing technological challenges, Verma noted that India lags approximately 5 to 8 years behind China in battery technology development. He underscored the importance of India developing its own technology to compete globally. Drawing a parallel with India's mobile manufacturing sector, which has recently gained a substantial share of the global market, Verma suggested a similar growth trajectory for the battery sector.

On the policy front, Verma expressed his opposition to outright bans on imports, such as those on Chinese solar modules, advocating instead for protective tariffs to support local industries. "I'm not in favour of complete bans, but to support the local industry, tariffs should be imposed on foreign materials competing with locally produced materials," he said.

Looking ahead, Verma is optimistic about India's potential in the battery sector, influenced by global geopolitics seeking diversification from Chinese products. "Everyone is looking for a China + 1 strategy, and I think if India implements the right policies, relevant PLI schemes, and appropriate tariff structures, there's a good chance this sector will become a sunrise industry for the country," Verma projected.

He also shared ambitious targets for India's market share in the global battery sector, aiming for at least a 5% share in the next three to five years. In line with these goals, LOHUM plans to expand its recycling capacity from 5 GWh to 30 GWh over the next three years, with an investment of Rs 12 billion.

In a strategic move to boost India's standing in the global battery manufacturing sector, Rajat Verma, CEO of LOHUM, has advocated for the expansion of government Production Linked Incentive (PLI) schemes. In an interview with ET Energyworld, Verma stressed the need for broader incentives that encompass not only cell manufacturing but also critical materials and recycling, aiming to position India competitively on the international stage.Verma highlighted that current government incentives are mainly focused on cell manufacturing. The government has discussed potential PLIs for CAM, as well as for the production and recycling of critical materials. These conversations are ongoing, Verma explained. He praised the existing PLI schemes for enhancing the global competitiveness of Indian manufacturers and called for their expansion. The more such PLI schemes there are, the greater the chances that India will establish a significant presence in the global critical minerals and battery supply chain, he added.Addressing technological challenges, Verma noted that India lags approximately 5 to 8 years behind China in battery technology development. He underscored the importance of India developing its own technology to compete globally. Drawing a parallel with India's mobile manufacturing sector, which has recently gained a substantial share of the global market, Verma suggested a similar growth trajectory for the battery sector.On the policy front, Verma expressed his opposition to outright bans on imports, such as those on Chinese solar modules, advocating instead for protective tariffs to support local industries. I'm not in favour of complete bans, but to support the local industry, tariffs should be imposed on foreign materials competing with locally produced materials, he said.Looking ahead, Verma is optimistic about India's potential in the battery sector, influenced by global geopolitics seeking diversification from Chinese products. Everyone is looking for a China + 1 strategy, and I think if India implements the right policies, relevant PLI schemes, and appropriate tariff structures, there's a good chance this sector will become a sunrise industry for the country, Verma projected. He also shared ambitious targets for India's market share in the global battery sector, aiming for at least a 5% share in the next three to five years. In line with these goals, LOHUM plans to expand its recycling capacity from 5 GWh to 30 GWh over the next three years, with an investment of Rs 12 billion.

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