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Battery storage, smart grid, energy efficiency firms raise $1.3 bn in Q1 2021: Report by Mercom Capital Group
Total corporate funding in battery energy storage came to $4.7 billion in 17 deals compared to $3.1 billion in 19 deals in Q4 2020. In the first quarter (Q1) of 2021, $1.3 billion was raised in venture capital funding by battery storage, smart grid, and energy efficiency companies, a 410% increase from the $252 million raised in the same quarter last year, according to a recent report. It added that total corporate funding in battery energy storage came to $4.7 billion in 17 deals compared to $3.1 billion in 19 deals in Q4 2020. “Funding was up significantly YoY compared to $244 million in nine deals in Q1 2020,” said consulting firm in its report .
Government to launch National Programme on Artificial Intelligence (AI) soon
The Centre is going to launch a National Programme on AI soon. The programme will identify high value data sets in the public sector and provide access to the data to AI models. The government will also set up a Centre for Transformational AI to tap the data in various sectors and make it available for AI models, according to Joint Secretary, MEITY. The govt. will launch Digital India 2.0 with an aim to take the digital service offerings, infrastructure and cyber security to next level. More services will be offered through digital platforms, India will focus on developing indigenous cybersecurity products and robust digital infrastructure.
5G ‘Test Bed’ is expected to boost telecommunications technology by October, 2021
With the aim of taking the lead in implementing 5G, India’s ongoing project to set up ‘Indigenous 5G Test Bed’ which was launched in March 2018, with a total cost of 224.01 million, is expected to be ready by October, 2021 to improve the national capability in telecommunications technology, which fills the Indian telecommunications manufacturers. To provide test beds full access for research teams to work on new concepts or ideas that have potential for standardization in India and on a global scale, make a test bed available for Indian operators to understand the workings of 5G technologies and security aspects and to plan their future. networks are among the main objectives of the ‘5G Test Bed’.
Rise in customs duty on auto parts to support local manufacturing
With an eye on supporting domestic manufacturers, the government proposed an increase in customs duty on certain imported components used in automobiles. In the Budget 2021-22, the Finance Minister proposed an increase in customs duty of various parts including ignition wiring sets, safety glass and parts of signalling equipment to 15 % with effect from February. The government said the changes in basic customs duty is for creating a level-playing field for the benefit of micro, small and medium enterprises (MSMEs) and other domestic manufacturers.