Govt approves Rs 18,100 cr PLI scheme for promoting ACC battery manufacturing
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Last Updated: May 12, 2021, 04:16 PM IST
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Synopsis
The proposal aims to achieve a manufacturing capacity of 50 Gigawatt Hour of ACC and 5 GWh of niche ACC, Information and Broadcasting Minister Prakash Javadekar told reporters after Cabinet meeting today.
Agencies
It is expected to promote green growth and use local products like copper and bauxite
The government on Wednesday approved the Production Linked Incentive (PLI) scheme for promoting battery storage at an estimated outlay of Rs 18,100 crore.
With the objective to promote the Make in India initiative, National Programme on Advanced Chemistry Cell (ACC) Battery Storage is expected to attract investment of Rs 45,000 crore, Information and Broadcasting Minister Prakash Javadekar told reporters after the Cabinet meeting.
The electronics hardware manufacturing companies that have applied under category IT Hardware Companies are Dell, ICT (Wistron), Flextronics, Rising Stars Hi-Tech (Foxconn) and Lava, Meity said
With the second wave of the pandemic and the resultant localised lockdowns pulling down economic activity in April, Swiss brokerage UBS on Tuesday said this will impact the first quarter GDP to some extent. The UBS India activity indicator, which is a mea
Out of the total production, IT hardware companies have proposed production worth over Rs 1.35 lakh crore, and domestic companies have proposed production to the tune of more than Rs 25,000 crore, Meity said in a statement.
Foxconn, Wistron, Dell, 16 others apply for investments under PLI scheme for IT hardware
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Apple s contract manufacturers Foxconn and Wistron, computer firm Dell and domestic company Lava are among the 19 companies that have applied for investments under the production linked incentive scheme for IT hardware manufacturing, the Ministry of Electronics and IT said on Tuesday.
According to the Ministry, the scheme is expected to lead to total production worth around Rs 1.6 lakh crore.
Production Linked Incentive (PLI) scheme for IT Hardware was notified on March 3. The scheme provides an incentive of 1 to 4 per cent to eligible companies on net incremental sales over the base year of FY 2019-20 of goods under target segments that are manufactured in India for a period of four years (FY 2021-22 to FY 2024-25).