India approves 92 GW storage and mineral processing schemes

India’s Union Cabinet has approved viability gap funding of 14,500 crore rupees, over the fiscal years 2026-27 to 2030-31, for 92 gigawatts of grid scale energy storage: 30 gigawatts of battery storage, 60 gigawatts of pumped hydro storage and 2 gigawatts of emerging storage technologies. Capacity will be allocated through tariff based competitive bidding, battery projects will carry a minimum 40 percent domestic content requirement, and the release puts the total investment envisaged at 97,600 crore rupees against a national requirement of 411 gigawatt hours of grid scale storage by 2031-32.

In a second approval the same day, the Cabinet set aside 2,814 crore rupees over five years for capital assistance to critical mineral processing, offering a 30 percent capital subsidy for four plants: two lithium plants of at least 30,000 tonnes each and two nickel plants of at least 50,000 tonnes each, with assistance capped at 500 crore rupees per lithium beneficiary and 900 crore rupees per nickel beneficiary. Beneficiaries will be chosen in two stages on a least cost basis, and cobalt is expected as a byproduct of the nickel plants.