FM moots ₹19,500-cr. push for solar manufacturing

‘This opens up huge job opportunities and will take the country on a sustainable development path’

The Centre has said it is committed to “facilitate” domestic manufacturing for the solar energy sector by looking to add 2,80,000 MW of installed capacity by 2030. To this end, Finance Minister Nirmala Sitharaman said the government envisioned an “additional allocation” of ₹19,500 crore as a “production-linked incentive” for manufacturing solar modules.

She referred to Prime Minister Narendra Modi’s statements in Glasgow at the COP 26 last November of India striving to achieve ‘net zero’ carbon emissions by 2070. As part of this, India would increase its non-fossil energy capacity to 5,00,000 MW by 2030 and meet 50% of its energy requirements from renewable energy by 2030.

“This strategy opens up huge employment opportunities and will take the country on a sustainable development path. This Budget proposes several near-term and long-term actions accordingly,” she said.