Energy storage technologies are already economical for certain market segments such as Transmission and Distribution (T&D) investment deferral and diesel generator back-up capacity segments. Declining cost curves for energy storage will open up more market applications such as managing intermediate and peak load, grid independent solar houses, renewable energy integration and Electric Vehicles. The evolution of energy storage technologies heralds a new paradigm of sustainable energy deployment. Cost effective storage technology solutions will help meet the objectives of energy security and clean environment for India.