MUMBAI, Feb. 1 -- Finance Minister Nirmala Sitharaman on Sunday announced a slew of exemptions on basic customs duty for equipment and raw material imported to develop a domestic clean power ecosystem.

Among the equipment exempted from BCD are capital goods required to make lithium ion cells for battery energy storage systems (BESS) and for nuclear power plants, and machinery to process critical minerals. The exemptions are aimed at cutting costs in these sectors.

"These measures will significantly lower capital costs for domestic battery production, making 'Make in India' energy storage solutions globally competitive," said Anurag Choudhary, CMD and CEO of Himadri Speciality Chemical Ltd, which makes raw material for cell manufacturing...