India’s EV sector eyes US$ 40 billion in investments

In the latest edition of Business Bytes, we delve deeper into:

• The Ministry of Agriculture’s Innovation and Agri-Entrepreneurship Development programme, under the Rashtriya Krishi Vikas Yojana (RKVY), has become a driving force behind innovation and entrepreneurship in India’s agricultural sector
• FACT: The Organization of Petroleum Exporting Countries chopped projections for consumption growth in 2024 by 210,000 barrels a day to 1.6 million barrels a day, according to its monthly report
• Google unveils Gemini 2.0: Pioneering the future of agentic AI
• LEAD: India is set to attract US$ 40 billion in EV-related investments over the next 5-6 years, focusing heavily on lithium-ion battery production
• The Government of India launched the Production Linked Incentive Scheme for Millet-Based Products (PLISMBP) to boost millet consumption and value addition
• HIGHLIGHT: ndia's atomic power capacity has doubled in the last decade, reaching 8,081 megawatts, and is projected to triple to 22,480 megawatts by 2031
• The Ministry of Food Processing Industries (MoFPI) has undertaken initiatives to reduce post-harvest losses and boost value addition in agriculture

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Agriculture Ministry allocates ₹122.50 crore to support 1,708 agri-startups

The Ministry of Agriculture’s Innovation and Agri-Entrepreneurship Development programme, under the Rashtriya Krishi Vikas Yojana (RKVY), has become a driving force behind innovation and entrepreneurship in India’s agricultural sector. Between FY20 and FY24, the programme has disbursed ₹122.50 crore to support 1,708 agri-startups, providing them with financial and technical assistance through knowledge partners and agribusiness incubators.

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FACT OF THE DAY

The Organization of Petroleum Exporting Countries chopped projections for consumption growth in 2024 by 210,000 barrels a day to 1.6 million barrels a day, according to its monthly report. The cartel has slashed projections by 27% since July as it belatedly recognizes the deteriorating market picture.

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Google unveils Gemini 2.0: Pioneering the future of agentic AI

Google and its subsidiary DeepMind made a historic statement when they released Gemini 2.0, their most sophisticated AI model till date. Gemini 2.0 is an advancement in multimodality, agentic capabilities, and practical utility that builds on the successes of its predecessors.

This development paves the way for a new era of artificial intelligence in which machines are capable of unparalleled levels of reasoning, action, and user assistance.

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LEAD STORY

India’s EV investment surge with expectations to attract US$ 40 bn

India is set to attract US$ 40 billion in EV-related investments over the next 5-6 years, focusing heavily on lithium-ion battery production. Key projects include plants by Reliance, JSW, and Hyundai. The investments are expected to boost real estate demand for manufacturing units and charging infrastructure, with over 45 million sq. ft. needed by 2030.

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Millet-based products get a boost with a US$ 96 mn incentive plan

The Government of India launched the Production Linked Incentive Scheme for Millet-Based Products (PLISMBP) to boost millet consumption and value addition. With an Rs 800 crore (US$ 96 million) budget over five years, the scheme incentivizes Ready-to-Eat and Ready-to-Cook products containing over 15% millet as using only domestically sourced ingredients benefits farmers and promotes local agriculture.

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HIGHLIGHT OF THE DAY

India's atomic power capacity has doubled in the last decade, reaching 8,081 megawatts, and is projected to triple to 22,480 megawatts by 2031. Minister Jitendra Singh attributed this growth to supportive political leadership. He highlighted revised power-sharing arrangements, the success of Kundankulam and Kalpakkam, and India's progress in utilizing thorium reserves for peaceful applications like agriculture and healthcare.

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MoFPI boosts post-harvest infrastructure in agriculture

The Ministry of Food Processing Industries (MoFPI) has undertaken initiatives to reduce post-harvest losses and boost value addition in agriculture. Under the Pradhan Mantri Kisan Sampada Yojana (PMKSY), MoFPI provides financial support for infrastructure projects like cold storage and processing facilities, approving 1,187 projects by October 2024.

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