Union Finance Minister Nirmala Sitharaman, during her speech at the Union Budget session 2023-24 announced that battery energy storage of 4000 MWh will be supported by viability funding "to steer the economy".
She also announced that a detailed framework for Pumped Storage Projects will also be formulated.
ICRA said that the announcement is positive for the Renewable Energy sector, especially to enable the domestic manufacturing ecosystem.
(This is a developing story)
