Daily News - Thursday, 12 September 2024
\\\\PM sets $500 bn target for electronics sector by 2030 (Business Standard)
Prime Minister Modi highlighted India's strong potential in the semiconductor industry, emphasizing the government's goal to grow the electronics sector to $500 billion by the end of the decade, creating 6 million jobs. He noted India's contribution of 20% to global semiconductor design and detailed initiatives like a 1-trillion R&D fund, a 360-degree investment approach, and support for 50% of semiconductor manufacturing costs to boost domestic production. Major semiconductor companies like NXP and Renesas announced significant investments and expansions in India, aligning with the country's aim to build a resilient supply chain and grow its workforce.
Cabinet clears ₹10,900-cr electric mobility scheme (Financial Express)
The Union Cabinet approved the PM E-Drive Scheme with a ₹10,900 crore outlay to replace the FAME program and accelerate electric vehicle (EV) adoption, aiming to support millions of electric two-wheelers, three-wheelers, and buses, along with 88,500 charging sites. The scheme includes a significant focus on e-buses, with ₹3,435.33 crores dedicated to deploying 38,000 electric buses by FY29, and additional support for e-ambulances and e-trucks. To combat EV range anxiety, ₹2,000 crore will be used to install tens of thousands of fast chargers across key cities and highways, fostering a resilient EV industry and promoting domestic manufacturing under Aatmanirbhar Bharat.
₹12,461-cr outlay for hydel projects (Financial Express)
The Union Cabinet approved a ₹12,461 crore allocation to develop 31,350 MW of hydropower projects by FY32, contributing to India’s goal of achieving 500 GW of renewable energy capacity by 2030. The scheme expands budgetary support for infrastructure improvements in remote areas, such as roads, transmission lines, and communication networks, and applies to all hydropower projects above 25 MW, including private sector ones. Additionally, the government will support around 15,000 MW of pumped storage projects (PSPs), boosting local employment and accelerating hydropower development.
PM Modi calls for international cooperation on green hydrogen (mint)
Prime Minister Modi emphasized the importance of international collaboration to scale up green hydrogen production, reduce costs, and enhance research and development, stressing that climate change solutions must be global. India aims to become a global hub for green hydrogen, driven by the National Green Hydrogen Mission, which is expected to create 600,000 jobs, reduce carbon emissions by 5 MMT by 2030, and attract ₹8 trillion in investments. Union ministers highlighted India's commitment to net-zero emissions by 2070, aiming to produce 5 million metric tonnes of green hydrogen by 2030, requiring $100 billion in investments and 125 GW of renewable energy capacity.
OVL, OIL join hands with UAE’s IRH (mint)
India's ONGC Videsh Ltd (OVL), Oil India Ltd (OIL), and Khanij Bidesh India (Kabil) signed an MoU with UAE-based International Resources Holding RSC Ltd to collaborate on acquiring and developing global critical mineral projects, including in India. This partnership aligns with India's Critical Minerals Mission, launched to boost domestic production and overseas acquisition of minerals essential for energy storage and renewable technologies, such as lithium and cobalt. The MoU is part of India's broader strategy to secure critical minerals, crucial for achieving its net-zero carbon emissions target by 2070, and follows similar agreements with Australia and other mineral-rich nations.
