New Delhi, Jan. 5 -- India should lower the goods and services tax (GST) on lithium-ion batteries to support domestic manufacturing and reduce dependence on imports, R K Jaain, Chief Financial Officer (CFO) of Kushmanda Power Ltd said on Monday.

"Lithium batteries currently attract 18% GST. If it is brought down to 5%, it will directly support local manufacturing and make Indian products more competitive," Jaain said.

While speaking with ANI, on the sidelines of seminar on 'Energy Storage System: Key to Green Energy Transition' at the PHD House in New Delhi, he said, "There is a shortage of lithium globally, prices are increasing, and most of the material is being sourced from China. Because of this, we need to focus on indigenous mater...