JULY 20239INDIA REMAINS COMMITTED TO THERMAL CAPACITY GROWTH TO FULFILL ENERGY DEMANDS: R. K. SINGHINDIA APPROVES MICRON'S $2.7 BILLION CHIP TESTING PLANT AMID PM MODI'S US VISITUnion Power & Green Energy Minister R. K. Singh said that India would not hesitate to expand its thermal power generation capacity to meet the country's growing energy requirements. Addressing a media event in New Delhi, Singh underscored the government's commitment to strike a balance among renewable energy expansion and the necessity of thermal power. He emphasized that the government has been tirelessly working on ensuring access to energy, enhancing energy efficiency, promoting energy sustainability, and ensuring energy security as the four pillars guiding India's energy sector trajectory.While acknowledging the high expenses associated with clean energy storage, Singh highlighted the government's efforts to promote the growth of Pumped Hydro Power Projects. These projects are expected to play a significant role in balancing renewable energy intermittency. "Huge capacities of Pumped Hydro projects are coming up. At the same time, we need to build batteries for grid storage. We need to have another PLI scheme for grid scale storage, so that we can augment capacity and have round-the-clock renewable energy. We will keep adding storage to ensure that demand goes up and investment keeps happening", he added.Additionally, Singh stressed the need for battery storage for grid-scale renewable energy. To bolster capacity and ensure round-the-clock renewable energy availability, the Minister proposed the introduction of another Production-Linked Incentive (PLI) scheme focused on grid-scale storage. Singh expressed the government's commitment to continuously enhance storage capacity to meet rising demand and attract investments. India has set ambitious targets for renewable energy, aiming to increase the share of non-fossil fuel capacity from the current 42 percent to 50 percent by 2030. However, Singh firmly stated that India will not shy away from augmenting its thermal power generation capacity to fulfill energy requirements. He predicted that India's capacity will exceed 800 GW by 2030, showcasing a conservative growth rate. Indian cabinet has given the go-ahead for U.S. chipmaker Micron Technology to move on with its $2.7 billion plan for a semiconductor testing and packaging unit as Prime Minister Narendra Modi arrived in the United States. According to the official, who wished to remain anonymous, the cabinet has also approved production-related incentives worth 110 billion rupees ($1.34 billion) for the facility, which is planned to be built in Gujarat.Throughout Modi's current trip to the United States, an official announcement is anticipated. The source told Reuters that because the incentive package is so large, cabinet approval is required. Even though information about Micron's proposal has previously surfaced, the probable cabinet approval is an important development. Representatives from Micron and the Indian government, including the technology ministry.PM Modi is set to meet with top executives from well-known American corporations during his tour, which began on Tuesday. These companies include FedEx and MasterCard. He will also be honoured on June 22 at a state banquet held at the White House. The White House is encouraging American semiconductor makers to make investments in India, and Micron Technology's project is in line with those objectives. According to representatives of the U.S. administration, discussions on potential future investments are still ongoing.U.S. official, President Biden wants to encourage greater economic integration between the U.S. and the greatest democracy in the world while lowering the risks involved with doing business in China for local companies. The amount of American companies considering investing in India has been a source of encouragement, according to a top official in the Biden administration. China claimed in May that the largest memory chip manufacturer in the United States, Micron, had failed a security examination and forbade operators of vital domestic infrastructure from buying its goods. The Biden administration was upset by this decision, but the US Commerce Department would not comment.
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