To encourage domestic manufacturing of high-efficiency solar modules, Finance Minister Nirmala Sitharaman on Tuesday said that an additional allocation of Rs 19,500 crore has been made under the Production Linked Incentive (PLI) scheme.
"To facilitate domestic manufacturing for the ambitious goal of 280 gigawatt (GW) of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made,” Sitharaman said in the budget.
The Central Government in April 2021, had announced a Rs 4,500 crore PLI Scheme ‘National Programme on High-Efficiency Solar PV Modules’.
The scheme aims to promote the manufacturing of high-efficiency solar PV modules in India and thus reduce import dependence in the area of Renewable Energy.
Due to the lack of domestic manufacturing capacity in solar modules, India largely depends on imports for its requirements.
India has set an ambitious target of setting up 175 Gigawatts (GW) capacity of renewable energy by 2022 and 450 Gigawatts (GW) by 2030.
To achieve the target, around 25 Gigawatts (GW) solar energy capacity is needed to be installed every year, till 2030.
Published 01 February 2022, 16:02 IST