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Government’s big decision regarding solar manufacturing, will increase the incentive to Rs 24,000 crore

New DelhiGovernment will increase funding under the Production Based Incentive (PLI) scheme for domestic solar cell and module manufacturing to Rs 24,000 crore. At present this amount is Rs 4,500 crore. Power and New and Renewable Energy Minister RK Singh said, “We have come up with a PLI scheme of Rs 4,500 crore for solar cells and modules. We invited bids and we got 54,500 MW of capacity for solar equipment. We have asked the government to give Rs 19,000 crore more under this scheme. In principle it has been approved. Now we have a PLI scheme of Rs 24,000 crore. We will export solar equipment.

RK Singh said that at present the solar module manufacturing capacity in the country is 8,800 MW. While the manufacturing capacity of solar cells is 2,500 MW. In April this year, the Union Cabinet had approved a Rs 4,500 crore PLI scheme to encourage domestic manufacturing of solar PV modules.

Under this scheme, the target is to add 10,000 MW to the manufacturing capacity of integrated solar PV modules. This would require a direct investment of Rs 17,200 crore at present.

By increasing the allocation under the PLI scheme to Rs 24,000 crore, the quantum of investment and domestic manufacturing capacity will be further increased. The PLI scheme approved by the Union Cabinet…National High Efficiency Solar PV Modules Programme… is aimed at reducing dependence on imports in strategic sectors like power.

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