The Cabinet Committee on Economic Affairs on Wednesday approved Rs 3,760 crores viability gap funding for setting up a battery energy storage system. Union Minister Anurag Thakur said that the entire funding will be borne by the central government.
The fund will be released in five tranches till 2030-31 and help in creation of 4,000 MW hours storage. The viability gap funding will lead to an investment of Rs 9,500 crore, the minister added.
India aims to meet its 50 percent of energy requirements through renewable energy and non-fossil energy sources.
What happened in the first meeting?
In previous Cabinet meetings, significant decisions have already been made, including the introduction of e-buses in cities and the Vishwakarma Yojana. An allocation of Rs 63,000 crore was approved to facilitate the e-bus service in cities nationwide. Of this amount, Rs 20,000 crore will be contributed by the central government, while the remaining portion will be funded by state governments.
The e-bus service is expected to operate through a public-private partnership model. In conjunction with this initiative, a loan of Rs 7,000 crore is reportedly set to be secured for the e-bus service, as reported by CNBC Awaaz.
First Published: Sept 6, 2023 2:54 PM IST
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