6th SEPTEMBER 2023 ENGLISH TNPSC CURRENT AFFAIRS PDF TNPSC SHOUTERS
The Union Cabinet has approved a scheme called Feasibility Gap Funding for Development of Battery Energy Storage Systems (BESS)
- The Union Cabinet meeting chaired by Hon'ble Prime Minister approved the Feasibility Gap Funding Scheme for Development of Battery Energy Storage Systems. 4,000 MW battery energy storage system projects have been approved by 2030-31.
- Financial assistance is provided in the form of Feasibility Gap Funding as budgetary assistance up to 40% of the capital cost. This move is expected to reduce the cost of battery storage systems.
- Designed to harness the potential of renewable energy sources such as solar and wind power, the project aims to provide clean, reliable and affordable electricity to citizens.
- Out of an initial allocation of Rs 9,400 crore, including budgetary support of Rs 3,760 crore, the Feasibility Gap Funding Scheme for the development of a battery energy storage system project represents the government's commitment to sustainable energy solutions. The project aims to achieve a balanced cost of storage of Rs 5.50 - 6.60 per kilowatt hour.
- The Cabinet meeting chaired by the Prime Minister Mr. Narendra Modi approved the allocation of Rs.1164.53 crore for the Industrial Development Scheme 2017 for the states of Himachal Pradesh and Uttarakhand.
- The Central Government has notified the Industrial Development Scheme for the States of Himachal Pradesh and Uttarakhand, 2017 vide Notification No. 2 (2) / 2018-SPS dated April 23, 2018. The total allocation under this scheme is Rs.131.90 crore.
- The allocated funds were spent in the financial year 2021-22. Also, the additional funding requirement for meeting the commitments up to 2028-2029 is Rs.1,164.53 crore. Cabinet approval was sought under the Industrial Development Scheme, 2017 to allocate this additional allocation.
- On the eve of the 18th G20 Summit, a one-day conference on "Transnational Grid Connectivity for One Sun, One World, One Electric Grid (OSOWOG)" was held in New Delhi today. The conference was organized by Power Grid Corporation of India (POWERGRID), a 'Maharatna' company under the Union Ministry of Power.
