Energy Storage Technologies Crucial For India’s Energy Needs: Piyush Goyal
Addressing the 11th India Energy Storage Week (IESW) in New Delhi on 10th June 2025, Union Minister of Commerce and Industry Piyush Goyal said that energy storage technologies are crucial for meeting India’s future energy needs. Mr Goyal emphasized that storage technologies encompassed batteries, pumped storage, hydro storage and geothermal. He said that energy sector will be a driving force in India’s transition to clean and renewable sources of power.
Highlighting the role of pump storage and battery systems as well as other forms of energy such as nuclear power in guiding India’s transition to clean energy, Mr Goyal recognized the critical role of all stakeholders in achieving the mission.
Mr Goyal said that India must lead in research and development for energy storage by focusing on next-generation battery chemistries, solid-state and hybrid storage technologies, and circular supply chains. He called for targeted innovation, infrastructure development, supply chain resilience, and holistic value chain growth for India to achieve energy independence.
Mr Goyal asked for more collaboration among various stakeholders to accelerate electric vehicle adoption by building charging as well as battery swapping systems.
Alluding to the current supply disruption in rare earth metals from China, Mr Goyal asked the industry to make the supply chain more resilient by reducing dependence on specific geographies and adopting new technologies. He stressed that India’s ambition should encompass the entire value chain—from raw materials and cell components to battery packs, semiconductors, management systems, and recycling—ensuring a robust and self-sustained clean energy ecosystem. He asked for a new opportunities to be explored for scaling up operations and strengthening competitiveness.
Mr Goyal talked about the recent approval of a ₹1 lakh crore research, development and innovation fund by the government, saying that given India’s cost advantages, it could match ₹6-7 lakh crore investments by advanced economies for similar purposes.
Mr Goyal reaffirmed India’s target of achieving 500 GW of renewable energy capacity by 2030, and reiterated that energy storage will be central to this journey.
