APRIL 20248TOP STORIESNHAI ENFORCES ONE VEHICLE, ONE FASTAG POLICYIOCL & PANASONIC TO JOINTLY MANUFACTURE LI-ION CELLS DOMESTICALLYThe National Highways Authority of India (NHAI) has implemented the 'One Vehicle, One FASTag' norm, which aims to discourage the use of a single FASTag for multiple vehicles or linking multiple FASTags to a specific vehicle. This initiative came into effect on Monday, following an extension of the compliance deadline to March-end due to issues faced by Paytm FASTag users.According to a senior official, multiple FASTags for one vehicle will no longer be operational, and individuals with multiple FASTags for a single vehicle will not be able to utilize all of them from April 1.The objective of the 'One Vehicle, One FASTag' initiative is to improve the efficiency of the electronic toll collection system and ensure smooth movement at toll plazas. This initiative aims to streamline toll collection processes and prevent misuse of FASTags.Additionally, the Reserve Bank of India (RBI) had previously advised customers and merchants of Paytm Payments Bank Ltd (PPBL) to transition their accounts to other banks by March 15.FASTag, operated by NHAI, is an electronic toll collection system in India that has achieved a penetration rate of approximately 98% with over 8 crore users. Utilizing Radio Frequency Identification (RFID) technology, FASTag enables toll payments directly from linked prepaid or savings accounts, simplifying the toll payment process for motorists. Indian Oil Corporation Limited (IOCL) has taken a significant step towards advancing clean energy in India by agreeing to a binding term sheet to establish a joint venture (JV) with Panasonic Energy Company Limited. The purpose of this JV is to manufacture cylindrical lithium-ion cells in India, catering to the growing demand for batteries in various applications such as electric three-wheel vehicles and energy storage systems.This collaboration follows the signing of a Heads of Settlement between the two companies on January 21, 2024, in New Delhi. Both parties have been actively engaged in a feasibility study to leverage battery technology in facilitating India's transition to clean energy. They aim to finalize the details of their collaboration by the summer of the current year.The establishment of local manufacturing facilities will not only create a complete supply chain ecosystem but also bolster India's self-reliance and reinforce its position in the global energy landscape. Moreover, it will stimulate demand for domestically sourced raw materials, promote domestic value addition, facilitate the entry of new market players, and propel the growth of India's battery industry, particularly in highly efficient cell technology.With a population of 1.4 billion and a rapidly growing economy, India presents immense market potential, positioning itself to become the world's third-largest economy in terms of gross domestic product. IOCL is committed to achieving its net-zero operational emissions target by 2046, aligning with India's overarching goal of attaining carbon neutrality by 2070. This collaboration with Panasonic signifies a significant step towards realizing these environmental objectives while also fostering technological innovation and economic growth in India.
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