Go Unlimited with Magzter GOLD
Get unlimited access to 9,500+ magazines, newspapers and Premium stories for just
Try GOLD - Free
Govt nod to Rs 7453 cr viability gap funding for wind energy projects
The Business Guardian
|June 21, 2024
The Government has approved the Viability Gap Funding (VGF) scheme for offshore wind energy projects at a total outlay of Rs 7453 crore, including an outlay of Rs 6853 crore for installation and commissioning of 1 GW of offshore wind energy projects (500 MW each off the coast of Gujarat and Tamil Nadu), and grant of Rs.600 crore for upgradation of two ports to meet logistics requirements for offshore wind energy projects.
-
The decision on the VGF scheme by the Cabinet, chaired by Prime Minister Narendra Modi, is a major step towards implementation of the National Offshore Wind Energy Policy notified in 2015 with an aim to exploit the vast offshore wind energy potential that exists within the exclusive economic zone of India. The VGF support from the Government will reduce the cost of power from offshore wind projects and make them viable for purchase by DISCOMs. While the projects will be established by private developers selected though a transparent bidding process, the power excavation infrastructure, including the offshore substations, will be constructed by Power Grid Corporation of India Ltd (PGCIL). The Ministry of
This story is from the June 21, 2024 edition of The Business Guardian.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 9,500+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM The Business Guardian
The Business Guardian
H-1B FEE HIKE TO CURB INDIA'S BRAIN DRAIN: EXPERT AJAY BAGGA
The U.S. decision to impose a steep $100,000 H-1B visa fee has sparked global debate, with expert Ajay Bagga suggesting it could curb brain drain from India while reshaping business models across sectors.
2 mins
September 23, 2025
The Business Guardian
‘H-1B visa fee hike will reduce India’s brain drain’
The United States’ decision to impose a steep increase in HL-IB visa fees has triggered concerns across Indian industries.
1 min
September 23, 2025
The Business Guardian
Inksight Publishers: Simplifying Book Publishing for All
If you have ever wondered how to publish a book or asked yourself, \"I want to publish my book, how can I get my book published?\" - then Inksight Publishers is here to help.
1 mins
September 23, 2025
The Business Guardian
India’s realty sector sees USD 3 billion inflow in H1 2025
India’s real estate sector attracted capital inflows worth USD 3 billion in the first half of 2025, marking a 15 per cent year-on-year (YoY) decline, according to Colliers’ latest report Investment Insights H1 2025.
1 min
September 23, 2025
The Business Guardian
GST exemption to make insurance more affordable: Experts
‘The Goods and Services Tax (GST) exemption on health and life insurance will make protection affordable, accessibleand attractive forIndian families.
1 mins
September 23, 2025
The Business Guardian
Real-time payments growth to slow to 4%: BCG
Real-time A2A payments are gaining critical mass, and their growth is likely to moderate at 4 per cent annually over the next five years, noted a research report by Boston Consulting Group (BCG). The report, however, adds that India's UPI now powers over 19 billion transactions monthly.
1 min
September 23, 2025
The Business Guardian
Maldives seeks Indian support to hit 33% renewables by 2028
The Maldives placed India at the centre of its clean energy ambitions and called for stronger regional partnerships to reduce fossil fuel dependence and enhance climate resilience.Addressing the 6th International Energy Conference in New Delhi, Maldives Minister of State for Tourism and Environment Muaviyath Mohamed said, «Unpredictable geopolitical shifts and supply chain vulnerabilities remind us that no country can ensure its energy future in isolation. We must strengthen international partnerships, share knowledge, and technology.»For the Maldives, the challenge is acute. The Minister noted that the island nation's fossil fuel imports consume 13.5 per cent of GDP, while fuel subsidies exceed USD 150 million annually.\"Being a very small and low-lying island state, our vulnerabilities are pronounced. Heavy dependence on imported fuel and high infrastructure costs make the transition urgent but also complex,\" the Minister explained.
1 mins
September 23, 2025
The Business Guardian
Cleartrip launches Big Billion Days 2025 festive travel deals
Cleartrip, a Flipkart company, today announced a series of exciting travel offers for the Big Billion Days (BBD) 2025.
1 min
September 23, 2025
The Business Guardian
GST 2.0 reforms to ease daily expenses
The latest GST reforms, rolled out on Monday, are not just a routine policy change but a move that experts say will make daily life easier on the pocket.
1 mins
September 23, 2025
The Business Guardian
CM REKHA ASKS KEJRIWAL TO STOP WATCHING REELS, FOCUS ON PUNJAB
Delhi CM Rekha Gupta tells Kejriwal to prioritize Punjab flood relief efforts.
1 min
September 23, 2025
Listen
Translate
Change font size