- Cabinet approves Memorandum of Understanding between Institute of Chartered Accountants of India and Qatar Financial Centre Authority
- Cabinet approves transfer of land of ITBP to Government of Uttrakhand for development of Aerial Passenger Ropeway System
New Delhi. : The Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the proposal of Department of Heavy Industry for implementation of the Production Linked Incentive (PLI) Scheme ‘National Programme on Advanced Chemistry Cell (ACC) Battery Storage’ for achieving manufacturing capacity of Fifty (50) Giga Watt Hour (GWh) of ACC and 5 GWh of “Niche” ACC with an outlay of Rs.18,100 crore.
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. The consumer electronics, electric vehicles, advanced electricity grids, solar rooftop etc. which are major battery consuming sectors are expected to achieve robust growth in the coming years. It is expected that the dominant battery technologies will control some of the world’s largest growth sectors.
While several companies have already started investing in battery packs, though the capacities of these facilities are too small when compared to global averages, but there still is negligible investment in manufacturing, along with value addition, of ACCs in India. All the demand of the ACCs is currently being met through imports in India. The National Programme on Advanced Chemistry Cell (ACC) Battery Storage will reduce import dependence. It will also support the Atmanirbhar Bharat initiative. ACC battery Storage manufacturers will be selected through a transparent competitive bidding process. The manufacturing facility would have to be commissioned within a period of two years. The incentive will be disbursed thereafter over a period of five years.
4. The incentive amount will increase with increased specific energy density & cycles and increased local value addition. Each selected ACC battery Storage manufacturer would have to commit to set-up an ACC manufacturing facility of minimum five (5) GWh capacity and ensure a minimum 60% domestic value addition at the Project level within five years. Furthermore, the beneficiary firms have to achieve a domestic value addition of atleast 25% and incur the mandatory investment Rs.225 crore /GWh within 2 Years (at the Mother Unit Level) and raise it to 60% domestic value addition within 5 Years, either at Mother Unit, in-case of an Integrated Unit, or at the Project Level, in-case of “Hub & Spoke” structure.
The outcomes/ benefits expected from the scheme are as follows:
- Setup a cumulative 50 GWh of ACC manufacturing facilities in India under the Programme.
- Direct investment of around Rs.45,000 crore in ACC Battery storage manufacturing projects.
- Facilitate demand creation for battery storage in India.
- Facilitate Make-ln-lndia: Greater emphasis upon domestic value-capture and therefore reduction in import dependence.
- Net savings of Indian Rs. 2,00,000 crore to Rs.2,50,000 crore on account of oil import bill reduction during the period of this Programme due to EV adoption as ACCs manufactured under the Programme is expected to accelerate EV adoption.
- The manufacturing of ACCs will facilitate demand for EVs, which are proven to be significantly less polluting. As India pursues an ambitious renewable energy agenda, the ACC program will be a key contributing factor to reduce India’s Green House Gas (GHG) emissions which will be in line with India’s commitment to combat climate change.
- Import substitution of around Rs.20,000 crore every year.
- Impetus to Research & Development to achieve higher specific energy density and cycles in ACC.
- Promote newer and niche cell technologies.
Cabinet approves Memorandum of Understanding between Institute of Chartered Accountants of India and Qatar Financial Centre Authority
The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi has approved signing of Memorandum of Understanding (MoU) between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA).
The MoU would enhance cooperation between the Institutes to work together to strengthen the Accounting profession and entrepreneurship base in Qatar.
ICAI has a strong membership base of over 6000 members in Middle East and Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI. ICAI members hold key positions in various private and public companies and are actively involved in support and development of the accounting profession in Qatar. The signing of this MoU would provide an additional impetus to prospects of the ICAI Members in the entire Middle Eastern Region to have better recognition, together with working to support Indian businesses desirous of doing business in Qatar and thus supporting the growth of Qatar and India’s economies.
ICAI has an active Chapter in Doha, Qatar which was established in the year 1981 and is the oldest among the 36 overseas Chapters of the ICAI. The membership of the Chapter has grown steadily since its founding days and presently has over 300 members who hold key positions in various private and public companies and are actively involved in support and development of the accounting profession in Qatar. This MoU will benefit Ministry of Corporate Affairs, Institute of Chartered Accountants of India and Qatar Financial Centre Authority.
Implementation strategy and Targets:
- MoU will endeavourto increase opportunities for members of ICAI to provide professional services through setting up practice for providing professional services in the State of Qatar in the areas of assurance and auditing, advisory, taxation, financial services and allied areas.
- ICAI shall also nurture and develop local Qatar professionals, entrepreneurs and students through a specialized training programme, in collaboration with QFCA.
- ICAI and QFCA will work together to explore the opportunities for Indian businesses in Qatar by organizing roundtables, networking events etc., as the case may be mutually agreed.
- ICAI and QFCA shall collaborate on opportunities that may arise in the fields of corporate governance, technical research and advice, quality assurance, forensic accounting, issues for small and medium sized practices (SMPs), Islamic Finance, Continuing Professional Development (CPD) and other subjects of mutual interest.
The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949′, to regulate the profession of Chartered Accountancy in India. Qatar Financial Centre Authority (QFCA) an independent legal entity established pursuant to Law No. (7) of 2005,is responsible for the development and promotion of the QFC as a world-class on-shore financial and business centre in the State of Qatar.
Cabinet approves transfer of land of ITBP to Government of Uttrakhand for development of Aerial Passenger Ropeway System
The Cabinet chaired by the Prime Minister Shri Narendra Modi, has approved transfer of 1500 square metres of land belonging to Indo-Tibetan Border Police (ITBP) at Mussoorie to the State Government of Uttarakhand for their infrastructure project, namely, ‘Aerial Passenger Ropeway System’ between Dehradun and Mussoorie.
The proposed Ropeway is a mono-cable ropeway of 5580 meters length under Public Private Partnership (PPP) mode between Purkul Gaon, Dehradun (Lower Terminal Station) and Library, Mussoorie (Upper Terminal Station) being constructed at an estimated cost of Rs.285 crore with a carrying capacity of 1000 persons per hour per direction. This will considerably reduce the traffic flow on road route from Dehradun to Mussoorie.
In addition, this will generate direct employment of 350 and indirect employment of more than 1500 people. Once completed, the ropeway will be a huge attraction for tourists which in turn will provide a boost to the tourism industry in the State and create additional employment opportunities in tourism sector.