The Union Cabinet on Wednesday approved an Rs 18,100-crore plan to incentivise battery makers to manufacture locally as it looks to cut import dependence while giving a boost to electric vehicle (EV) adoption. This was a Department of Heavy Industries’ proposal, which the government expects will create direct investment of Rs 45,000 crore. Under the production-linked incentive (PLI) scheme floated by the central government, the Cabinet in November 2020 had approved Rs 18,000 crore for domestic manufacturing of Advanced Chemistry Cell (ACC) battery storage. Currently, the country’s ACC demand is being met through imports. The nodal ministry, thereafter, proposed a national programme on ACC battery storage to achieve manufacturing capacity of 50 GigaWatt-Hour (GWh) of ACC and 5 GWh of “Niche” ACC. This was approved by the Cabinet on Wednesday.
Cabinet approves Rs 18,100 crore PLI scheme for battery storage manufacturing ANI | Updated: May 12, 2021 19:25 IST
New Delhi [India], May 12 (ANI): The Union Cabinet on Wednesday approved the proposal of Department of Heavy Industry for implementation of Production Linked Incentive (PLI) Scheme National Programme on Advanced Chemistry Cell (ACC) Battery Storage for achieving manufacturing capacity of 50 Giga Watt Hour (GWh) of ACC and 5 GWh of niche ACC with an outlay of Rs 18,100 crore.
Briefing reporters on the cabinet decisions, Information and Broadcasting Minister Prakash Javadekar said that the decision will lead to direct investment of around Rs.45,000 crore in ACC Battery storage manufacturing projects.
Apple has been hit by Covid-19 infections at two of its India plants, according to Taiwan media report. The coronavirus wave is likely to slow handset manufacturing production in India and weaken consumer demand, analysts say. SCMP
Apple’s efforts to diversify its production from China to India are being hit by the Covid-19 crisis there, with infections and factory shutdowns prompting analysts to question whether the country can become a smartphone manufacturing and export superpower.
According to a report by Taiwanese news agency CNA on Saturday, Foxconn confirmed that 10 Chinese engineers at its plant in the Indian city of Chennai had been infected with Covid-19. Meanwhile Wistron Corporation, another key player in Apple’s manufacturing chain, closed its plant in south India for five days after a spate of Covid-19 cases, according to the CNA report.
Piyush Goyal holds meeting with export promotion councils, discusses issues concerning international trade ANI | Updated: May 11, 2021 23:37 IST
New Delhi [India], May 11 (ANI): Commerce and Industry Minister Piyush Goyal and senior officers of the Department of Commerce and Directorate General of Foreign Trade (DGFT) on Tuesday held a meeting with the export promotion councils to discuss various issues concerning the international trade.
Goyal complimented the exporters for their encouraging performance, even during such trying times and said that performance of exports in April 21 and 2020-21 gives a hope that an ambitious target of $400 billion merchandise exports can be achieved this year.
Synopsis
Textile sector has been identified as thrust the sector amongst the selected 13 sectors for which the Production Linked Incentive scheme (PLI) scheme has been proposed by the government of India.
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It would be difficult to maintain a growth pattern of 50% on a year-on-year basis which would involve more investment in terms of machinery and capturing more market in given time.
One of the largest in the world, the Indian Textile & Clothing (T&C) industry adds about 12% of export earnings to the country s export basket. This sector is majorly being driven by labour force and it helps in providing over 100 million direct and indirect employments.