Energy storage will play an important role in the Government of India’s efforts to meet the ambitious targets with regards to electric mobility and renewable energy. Among the different types of storage technologies, lithium-ion battery (LIB) is considered to be the best suited for electric vehicles (EVs). LIBs can also address intermittency problems in renewable energy integration with the grid. It is estimated that 13.8 GWh of battery capacity is required by 2020 for the EV sector and 15 GWh battery capacity is needed for grid storage requirements. Indigenization of LIB manufacturing can help to meet this large-scale demand.