decades. By 2030, RMl estimates that 2.68 lakh crore (approximately US$31 billion) will be needed to scale production and infrastructure. Looking farther ahead, this requirement is projected to rise sharply, reaching ?14.69 lakh crore (approximately Us$175 billion) by 2050 to support the expected battery demand, from material processing to recycling. Exhibit 18 depicts incremental investment need and potential sources of capital. production, and battery assembly are sized to meet India's battery demand by 2050. Repurposing and recycling investments are sized according to the capacity mentioned in the India Battery Outlook section. Capital intensity estimates are based on Tesla estimates (Master Plan Part 3, Tesla, April 2023, https://www.tesla.com/ns_ videos/Tesla-Master-Plan-Part-3.pdf).