Union Minister of Heavy Industries and Steel H.D. Kumaraswamy has outlined a ₹36,280 crore investment plan to transform India into a global hub for clean energy technology manufacturing, with a focus on electric mobility, advanced battery technology and rare earth magnet production.
Speaking at the CII International Energy Conference in New Delhi, the minister said India’s future energy security requires building domestic supply chains rather than merely accessing energy resources.
The funding is distributed across three programmes. The PM E-DRIVE Scheme has been allocated ₹10,900 crore to accelerate electric vehicle adoption and build the associated manufacturing ecosystem. The Production Linked Incentive Scheme for Advanced Chemistry Cell Battery Storage has received ₹18,100 crore, targeting domestic manufacturing capacity of 50 GWh to power India’s EV transition. A further ₹7,280 crore has been earmarked for rare earth permanent magnet manufacturing — essential components for EVs, renewable energy infrastructure and aerospace defence systems.
Kumaraswamy also highlighted steel’s central role in the energy transition. As India targets 300 million tonnes of steelmaking capacity by 2030, the minister noted that growth must align with sustainability goals. Infrastructure for wind turbines, solar plant frames and green hydrogen facilities depends heavily on steel, and the government is pushing for energy-efficient, low-carbon technologies across the steel value chain to keep India’s manufacturing base globally competitive.
