Read more about Market Wrap Podcast, May 12: Here s all that happened in the markets today on Business Standard. Tata Motors, PowerGrid, Titan Company, Maruti Suzuki, UPL, Cipla, State Bank of India, and NTPC were the top gainers on the 50-share index today, up between 1 per cent and 3 per cent
India offers $2.46B incentive to boost domestic production of batteries
India’s cabinet on Wednesday approved Department of Heavy Industry’s proposal to provide incentives to boost domestic production of batteries with advanced energy storage, the latest in a series of efforts by New Delhi to make the world’s second largest internet market less reliant on other nations for various electronics goods and shrink its trade deficit.
The government’s new $2.46 billion plan, dubbed “National Programme on Advanced Chemistry Cell (ACC) Battery Storage,” is aimed at cutting the nation’s import volume, said Prakash Javadekar, India’s Minister of Heavy Industry and Public Enterprises, in a news conference.
Modi Govt Approves Rs 18,100 Crore PLI Scheme To Incentivize Domestic Production Of Advanced Chemistry Cell Battery Storage
by Swarajya Staff - May 12, 2021 10:42 AM
Prime Minister Narendra Modi and other ministers at a Make-in-India conclave (File photo)
The Union Cabinet on Wednesday (12 May) has approved Production Linked Incentive (PLI) Scheme named as National Programme on Advanced Chemistry Cell (ACC) Battery Storageâ for achieving manufacturing capacity of 50 GigaWatt Hour (GWh) of ACC and five GWh of niche ACC with an outlay of Rs 18,100 crore.
ACCs are the new generation of advanced storage technologies that can store electric energy either as electrochemical or as chemical energy and convert it back to electric energy as and when required.
Cabinet approves Rs 18,100 crore PLI scheme for battery storage manufacturing ANI | Updated: May 12, 2021 19:25 IST
New Delhi [India], May 12 (ANI): The Union Cabinet on Wednesday approved the proposal of Department of Heavy Industry for implementation of Production Linked Incentive (PLI) Scheme National Programme on Advanced Chemistry Cell (ACC) Battery Storage for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC and 5 GWh of niche ACC with an outlay of Rs 18,100 crore.
Briefing reporters on the cabinet decisions, Information and Broadcasting Minister Prakash Javadekar said that the decision will lead to direct investment of around Rs.45,000 crore in ACC Battery storage manufacturing projects.