Cabinet approves the Scheme titled Viability Gap Funding for development of Battery Energy Storage Systems (BESS) (GS Paper 2, Governance)
Why in news?
- Recently, the Union Cabinet, approved the Scheme for Viability Gap Funding (VGF) for development of Battery Energy Storage Systems (BESS).
- The approved scheme envisages development of 4,000 MWh of BESS projects by 2030-31, with a financial support of up to 40% of the capital cost as budgetary support in the form of Viability Gap Funding (VGF).
Aim:
- Designed to harness the potential of renewable energy sources such as solar and wind power, the scheme aims to provide clean, reliable, and affordable electricity to the citizens.
Key Highlights:
- The VGF for development of BESS Scheme, with an initial outlay of Rs.9,400 crore, including a budgetary support of Rs.3,760 crore, signifies the government's commitment to sustainable energy solutions.
- By offering VGF support, the scheme targets achieving a Levelized Cost of Storage (LCoS) ranging from Rs. 5.50-6.60 per kilowatt-hour (kWh), making stored renewable energy a viable option for managing peak power demand across the country.
- The VGF shall be disbursed in five tranches linked with the various stages of implementation of BESS projects.
- To ensure that the benefits of the scheme reach the consumers, a minimum of 85% of the BESS project capacity will be made available to Distribution Companies (Discoms).
- This will not only enhance the integration of renewable energy into the electricity grid but also minimize wastage while optimizing the utilization of transmission networks. Consequently, this will reduce the need for costly infrastructure upgrades.
Transparency:
- The selection of BESS developers for VGF grants will be carried out through a transparent competitive bidding process, promoting a level playing field for both public and private sector entities.
- This approach will foster healthy competition and encourage the growth of a robust ecosystem for BESS, attracting significant investments and generating opportunities for associated industries.
Way Forward:
- The move is expected to bring down the cost of battery storage systems increasing their viability.
Bharat Drone Shakti 2023
(GS Paper 3, Defence)
Why in news?
- The IAF is partnering with the Drone Federation of India to co-host the 'Bharat Drone Shakti 2023'.
- The event to be held on 25th & 26th September 2023 will be hosted at the lAF's airbase in Hindan (Ghaziabad), where the Indian drone industry shall give live aerial demonstrations.
Details:
- 'Bharat Drone Shakti 2023' will present the prowess of the Indian drone industry at full capacity hosting over 50+ live aerial demonstrations showcasing survey drones, agriculture drones, fire suppression drones, tactical surveillance drones, heavy-lift logistics drones, loitering munition systems, drone swarms, and counter-drone solutions and witness participation from more than 75 drone start-ups and corporates.
- The event is expected to attract around 5,000 attendees, including representatives from central government, state departments, public and private industries, armed forces, paramilitary forces, representatives from friendly countries, academicians and students and drone enthusiasts.
- It will give a fillip to India's commitment to becoming a global drone hub by 2030.
Future prospects:
- Drone technology has revolutionised the civil and defence sectors by increasing efficiency, reducing exposure to risk as also by being a capability enhancer.
- The usage of drones in India is also seeing an increase - both, in the military, as well as in the civil domain.
- The IAF uses Remotely Piloted Aircraft extensively for Intelligence Surveillance & Reconnaissance operations.
NPCI launches voice-enabled UPI payments
(GS Paper 3, Economy)
Why in news?
- Recently, the National Payments Corporation of India (NPCI) launched a slew of new payment features to enable more digital inclusivity.
New products:
- The new products include a credit line on UPI, UPI Lite X for offline payments and a near field communication (NFC)-enabled Tap & Pay feature, conversational payments through Hello! UPI and conversational bill payments with BillPay Connect.
- UPI will allow users to pay for transactions through credit through its new credit line service by connecting pre-sanctioned digital credit lines from banks. Also, the payment flow will be the same as the existing UPI transactions.
- Third-party payment providers HDFC PayZapp, Paytm, and Google Pay will be the first to launch the 'credit line on UPI' service.
UPI Lite X and Tap & Pay:
- UPI Lite X for offline payment will let users send and receive money while being completely offline. This will allow UPI transactions in flights, underground metro stations, and other merchant locations.
- UPI Lite X is an extension of UPI Lite, which allows users to make small-ticket transactions without entering a pin.
- The UPI Tap & Pay feature allows users to make near-field communication (NFC)-based payments. This follows the launch of new variants of Pine Labs and Paytm's point-of-sale (PoS) devices that allow merchants to accept NFC-based merchants.
Conversational Payments – Hello! UPI & BillPay Connect:
- Through the launch of Hello! UPI and BillPay Connect, NPCI will allow users to make voice-enabled UPI payments via UPI Apps, telecom calls, and IoT (Internet of things) devices in Hindi and English. NPCI is also looking to launch the service in regional languages as well.
- Users will be able to fetch and pay their bills on a messaging app through the BillPay Connect feature. Also, users without smartphones or immediate mobile data access will be able to pay bills by giving a missed call.
