The Economic Times

Cabinet approves VGF plan for grid-scale energy storage with Rs 14,500 crore support

The Union Cabinet has approved a significant 14,500 crore funding scheme to develop 92 GWh of energy storage capacity. This initiative supports both hydro pumped storage and battery energy storage systems aimed at accelerating renewable energy. Additionally, a scheme has been approved for processing critical minerals like lithium and nickel to reduce import dependency. The government aims to modernize its statistical system with a 4,371.10 crore scheme.