India considering PLI scheme for chemicals, petrochemical sector: Nirmala Sitharaman

economictimes.indiatimes.com:

PLI) scheme for chemicals and petrochemical sector, said union finance minister Nirmala Sitharaman on Thursday. Sitharaman also said that the country has set its sight on becoming energy independent by 2047 and achieving net zero by 2070. «Net Zero can’t be achieved unless each industry and sector contribute to it.

We are very focused on green growth. Carbon intensity has to be reduced and therefore each one of the sectors will have to contribute to this,» said the finance minister at the third edition of the summit on Global Chemicals and Petrochemicals Manufacturing Hubs in India. The remark «achieving net zero by 2070» comes amid government's keen focus on giving a boost to Indian manufacturers and industries by introducing PLI scheme.

The government had announced the re-bidding of PLIs for 20 GWh Advanced Chemistry Cell manufacturing — India's Rs 18,100-crore programme to boost local battery cell production last week. The Ministry of Heavy Industries (MHI) will facilitate a stakeholder consultation with industry representatives on July 24, 2023 for their inputs and suggestions before the start of the re-bidding process of remaining 20 GWh capacity. «The ministry is committed to finalize the bidding documents and proceeding with the rebidding process at the earliest,» an official statement said.

ACCs are the new generation of advanced storage technologies that can store electric energy either as electrochemical or as chemical energy and convert it back to electric energy as and when required. These have major applications in the electric vehicles, maintaining grid stability, solar rooftop, consumer electronics etc. With India's commitment towards renewable energy and achieving net-zero by 2070, energy storage is