central cabinet The Reserve Bank of India on Wednesday approved a Viability Gap Fund (VGF) of Rs 3,760 crore for setting up battery energy storage systems in the country. Information and Broadcasting Minister Anurag Thakur informed reporters about this decision after the Union Cabinet meeting.
Energy storage will be created by installation of battery energy storage system.
Anurag Thakur said that the central government will bear the burden of the entire amount of Rs 3,760 crore related to the establishment of battery energy storage system. He said that this fund will be released in five installments till the year 2030-31. This will help in creating an energy reserve of 4,000 MWh. Thakur said that an investment of Rs 9,500 crore is expected from the viability gap funding. India has set a target of meeting half of its energy needs through renewable energy and non-fossil energy sources in the next few years. Setting up of storage system is an important step in this direction.
Today the Cabinet approved a scheme for viability gap funding for the development of Battery Energy Storage Systems. The scheme envisages development of 4,000 MWh of BESS projects by 2030-31, with the financial support of up to 40% of the capital cost as budgetary support: Union… pic.twitter.com/dKVvjYEgxL
— ANI (@ANI) September 6, 2023
Additional funds of Rs 1,164 crore approved for industrial development plan of Himachal, Uttarakhand
The Union Cabinet on Wednesday approved additional allocation of Rs 1,164.53 crore for Industrial Development Scheme-2017 for Himachal Pradesh and Uttarakhand. Additional funds are required to meet the liabilities committed under the scheme till the year 2028-29. Union Information and Broadcasting Minister Anurag Thakur told reporters here that the total financial outlay under this scheme is Rs 131.90 crore. A decision in this regard was taken in the Union Cabinet meeting chaired by Prime Minister Narendra Modi. The Cabinet has approved the Central Sector Industrial Development Scheme-2017 (IDS-2017) for Himachal Pradesh and Uttarakhand to meet the committed liabilities under the scheme by 2028-29.
Additional funds of Rs 1,164.53 crore required by 2028-2029
Additional funds of Rs 1,164.53 crore are required to meet the committed liabilities by 2028-2029. Thakur said that 774 units were registered under the scheme and they would get additional funds. The government provides incentives under the scheme to companies for investment in these two states. These incentives include access to credit and insurance. The financial outlay of IDS-2017 for Himachal Pradesh and Uttarakhand was only Rs 131.90 crore. It was released during 2021-2022.