In another development in the field of technology of the nation, India will soon start producing the first indigenous Lithium-ion batteries.

A Memorandum of Understanding (MoU) has been signed for transfer of technology for India's first Lithium Ion (Li-ion) Battery project between CSIR's Central Electro Chemical Research Institute (CECRI), Karaikudi, Tamil Nadu and RAASI Solar Power Pvt Ltd.

It may be mentioned here that Indian manufacturers currently source Li-ion batteries from China, Japan and South Korea among some other countries.

India is one of the largest importers and in 2017, it imported nearly $150 Million worth Li-Ion batteries.

Speaking after the signing of MoUs, Science and Technology Minister Dr Harsh Vardhan said that the project is in tune with PM's 'Make in India' to turn India into a manufacturing hub and to cut down outflow of foreign exchange.