The Ministry of Heavy Industries has awarded a 10 GWh capacity under the Production Linked Incentive Scheme for Advanced Chemistry Cell Battery Storage to Reliance New Energy Battery Limited, a subsidiary of Reliance Industries Limited. The signing of the Programme Agreement marks another milestone in the implementation of India's National Programme on Advanced Chemistry Cell Battery Storage. With this latest allocation, a total of 40 GWh capacity has been awarded to four beneficiary firms, bringing India closer to achieving its goal of 50 GWh domestic manufacturing capacity.
Swarajya: India's Quest for Energy Independence
Background
Swarajya, a Sanskrit term meaning self-governance, has long been a guiding principle in India's pursuit of economic and technological independence. This concept extends to the nation's energy sector, where the government is actively promoting domestic manufacturing and research to reduce dependence on imported fossil fuels.
Advanced Chemistry Cell Battery Storage
In line with this vision, the Ministry of Heavy Industries launched the National Programme on Advanced Chemistry Cell Battery Storage (ACC Battery Storage) in 2021. The program aims to encourage domestic production of advanced batteries for use in electric vehicles, energy storage systems, and other applications.
Under the program, the government offers financial incentives and support to eligible companies that invest in ACC battery manufacturing facilities in India. The incentives include Production Linked Incentive (PLI) schemes, which provide subsidies based on incremental production targets.
Reliance New Energy Battery's Allocation
On June 1, 2023, the Ministry of Heavy Industries awarded Reliance New Energy Battery Limited, a subsidiary of Reliance Industries Limited, a 10 GWh capacity under the PLI scheme for ACC Battery Storage. This allocation brings the total capacity awarded under the program to 40 GWh.
This award is a significant milestone in India's efforts to establish a domestic ACC battery manufacturing industry. It will enable Reliance to set up a large-scale manufacturing facility in the country and contribute to the nation's goal of achieving 50 GWh of domestic manufacturing capacity by 2025.
FAQs
1. What are the benefits of ACC Batteries? ACC batteries have higher energy density, longer lifespan, and faster charging times compared to conventional lead-acid batteries. They are ideal for use in electric vehicles and energy storage systems.
2. How will the PLI scheme benefit India? The PLI scheme will incentivize domestic production of ACC batteries, reduce import dependence, create jobs, and stimulate economic growth in the manufacturing sector.
3. What other companies have received ACC Battery Storage allocations? In addition to Reliance New Energy, three other companies have been awarded 10 GWh capacity each under the PLI scheme: Exide Industries, Tata AutoComp, and Ola Electric Technologies.
4. What is the significance of 50 GWh domestic manufacturing capacity? Achieving 50 GWh of domestic ACC battery manufacturing capacity will make India a global hub for battery production and meet the growing demand for electric mobility and energy storage in the country.
5. What are the government's other initiatives for energy independence? Beyond the ACC Battery Storage program, the government is also promoting renewable energy sources, such as solar and wind, and investing in hydrogen fuel research to diversify the nation's energy mix and reduce dependency on fossil fuels.
Bybit, a popular Singapore-based crypto exchange, has been hit by a massive hack resulting in an estimated loss of $1.46 billion in Ethereum. The co-founder and CEO of the exchange, Ben Zhou, took to social media to reassure users that their assets are safe and that the exchange will continue to operate normally. The hack was confirmed by the exchange, but exact details of the attack are still unknown. Bybit has pledged to provide constant updates and maintain transparent and secure operations for its users.
The recent closure of RePlanet Recycling's 284 centers and processing facilities throughout California has greatly affected residents of San Ramon Valley, who will now have to travel to the next nearest buy-back center in Pleasanton. This is a result of increased operating costs and decreased pricing for recyclables, leading to the company's decision to lay off their entire workforce and shut down operations. This closure also highlights the rising costs of recycling and waste management, with San Ramon residents set to experience a 30-45% increase in waste services costs come January 2020.
Amidst its efforts to restructure, technology giant Meta has laid off nearly 4,000 employees, many of whom claim to have received positive performance reviews just last year. According to employees, their ratings were unexpectedly downgraded, making them eligible for termination. These layoffs have caused disruptions and disheartened employees who were previously told that only low performers would be affected. The move also raises questions about Meta's true intentions and the fairness of their performance review process.
In a major move impacting the future of the James Bond franchise, Amazon has reportedly paid an additional $1 billion for full creative control of the iconic series from Barbara Broccoli and Michael G. Wilson. This comes on top of the already massive $8.5 billion acquisition of MGM by Amazon, with the added sum intended to allow Broccoli and Wilson to fully steer and exploit the IP. With Amazon's aggressive expansion plans, including the establishment of an international theatrical distribution arm and potential expansion into a full cinematic universe, this move solidifies the company's hold on one of the biggest and most beloved franchises in film history.
India and Qatar are looking to strengthen their trade relationship by doubling their trade to $28 billion by 2030. This will be achieved through an increase in India's LNG imports from Qatar, which is planning to expand its LNG export capacity. However, the US is also a major competitor in the Indian LNG market, creating a challenge for India to boost its imports from Qatar.
At the Invest Kerala Global Summit, Kerala's Chief Minister Pinarayi Vijayan announced the state's ambitious goal of establishing 15,000 startups and creating one lakh jobs by 2026. Despite the challenging times, the state has witnessed the emergence of 6,200 startups in the past eight years, attracting investments worth ₹5,800 crore and generating 62,000 jobs. The summit, with participation from 26 countries, aims to boost the state's startup ecosystem further.
According to recent reports, India's trade deficit has expanded to $22.99 billion in January 2025, surpassing market expectations of $21.0 billion. This marks a significant increase from December 2024's $21.94 billion deficit and January 2024's $16.56 billion deficit. The rise in the trade gap can be attributed to a decrease in exports and a slight increase in imports, amidst global economic uncertainty. While the oil and gold deficit has decreased, the non-oil, non-gold deficit has contributed significantly to the overall trade gap. As oil prices continue to rise, close monitoring of global economic developments will be crucial in shaping India's trade outlook.
Commuters in Ahmedabad will face temporary road closures as construction continues on India's first bullet train project, the Mumbai-Ahmedabad High-Speed Rail Corridor (MAHSR). The closures will impact three flyovers in the city and the police have issued a notification detailing alternative travel options during the five-week closure period from 22 February to 23 March. The closure serves as a reminder of the progress being made on the MAHSR, a major business and infrastructure project in India.
Quick commerce, the fast delivery model that promises to challenge giants like Amazon and Flipkart, is gaining momentum in India. Zepto CEO predicts that it will overtake traditional e-commerce by 2025. Swiggy, myTVS, Magicpin, and others are already investing in this trend, with the government also providing support through sector-specific schemes. However, the rise of quick commerce has also brought concerns, as the Competition Commission of India investigates complaints and IFFCO warns against unauthorized sales.
The Hyderabad Metro's expansion plans are making swift progress, with detailed project reports (DPRs) for the Medchal, Shamirpet, and Shamshabad Airport-Future City corridors expected to be submitted to the government by the end of March. The managing director of Hyderabad Metro Rail Limited (HMRL) N V S Reddy revealed that critical traffic surveys and soil testing for these routes are on track for completion in February. He emphasized the importance of three crucial studies in preparing the DPRs: traffic surveys, soil testing, and environmental impact assessment.