India News | Cabinet Approves Production-linked Incentives for Battery Storage
Get latest articles and stories on India at LatestLY. The Union Cabinet has approved the production-linked incentives for advanced chemistry cell or battery storage, Union Minister Prakash Javadekar informed on Wednesday.
New Delhi [India], May 12 (ANI): The Union Cabinet has approved the production-linked incentives for advanced chemistry cell or battery storage, Union Minister Prakash Javadekar informed on Wednesday.
"To make the country Aatmanirbhar, the cabinet has approved a production-linked incentive for advanced chemistry cell or battery storage in the cabinet meeting which took place today," Javadekar told reporters here.
"Currently, we import battery storage equipment worth Rs 20,000 crores. The approval of the production-linked incentives will not only reduce the import dependency but also give a big push to the electrical mobility," he said.
The Union Minister further said that battery storage can be a substitute for diesel generators.
"The cabinet has approved Rs 18,100 crore for production-linked incentives. An investment of Rs 45,000 crore is expected from the national program on advanced Chemical Cell Battery Storage," Javadekar said.
He further said that India has an ample amount of copper and bauxite, which are the raw materials for battery storage.
"This will reduce the import of the fuel in coming years," he added. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)