8MARCH 2024TOP STORIESINDIA'S AVIATION BOOM CAN SUPPORT ANOTHER INTERNATIONAL HUB: AIR INDIA CEOIndia's airline industry is experiencing rapid growth, leading to speculation by Campbell Wilson, CEO of Air India, that the country could support at least one additional international hub apart from Mumbai and Delhi.Wilson stated, "India can be home to at least three hubs and plenty of point-to-point services," emphasizing the unique flow patterns within India and its strategic geographical location.With a burgeoning consumer class and robust economic expansion, India is poised to become one of the world's largest travel markets. The country's leading carrier, IndiGo, and emerging airline Akasa, along with other airlines, have collectively ordered over 1,100 aircraft, with investments exceeding $12 billion allocated for the construction of more than 72 new airports by 2025.Air India, in particular, has witnessed significant fleet expansion, with the delivery of one new aircraft every six days over the past six months. The airline is set to continue this trend over the next year, receiving a considerable number of new Boeing 777s, Airbus A350s, and Boeing 737 MaxsWilson highlighted the historical underserving of the Indian market, noting that at the time of privatization, Air India had only 43 wide-body aircraft compared to significantly higher numbers in other markets like Singapore and Dubai. INDIA'S FIRST BATTERY GIGAFACTORY TO SOON BE OPERATIONALGoodEnough Energy announced on Tuesday its plans to commence operations at India's inaugural battery energy storage gigafactory, located in the northern region of Jammu and Kashmir, by October.According to a statement by GoodEnough, the facility is poised to assist industries in reducing over 5 million tons of carbon emissions annually. This initiative aligns with India's target of achieving net zero emissions by 2070.Having already invested 1.5 billion rupees ($18.07 million) in the construction of the 7 gigawatt-hours (GWh) capacity facility, GoodEnough intends to further expand its capabilities to 20 GWh by 2027 with an additional investment of 3 billion rupees, as confirmed by its founder, Akash Kaushik.Battery energy storage projects play a pivotal role in India's ambitious strategy to bolster its renewable energy capacity to 500 gigawatts (GW) by 2030, a significant leap from the current capacity of 178 GW.To incentivize companies participating in battery storage projects, the Indian government has earmarked $452 million in incentives under a dedicated program.These battery energy storage systems facilitate the storage of energy generated from renewable sources such as solar and wind, enabling its release as needed, thereby enhancing grid stability and resilience.
< Page 7 | Page 9 >