Govt to increase PLI funding for solar manufacturing to ₹24,000 cr: Minister
- The Centre had approved a ₹4,500 crore PLI scheme to boost the domestic manufacturing capacity of solar PV modules in April this year
- The scheme is aimed at adding a 10,000 MW manufacturing capacity of integrated solar PV modules
The Centre will increase the funding under the production linked incentive (PLI) scheme for domestic solar cells and module manufacturing to ₹24,000 crore from the existing ₹4,500 crore, Power and New & Renewable Energy Minister R K Singh. The PLI scheme encourages domestic and local production to create more jobs. It also encourages foreign firms to find a workforce in the country and thereby generate employment.
"We brought the PLI scheme (for solar cells and modules) worth ₹4,500 crore. We invited bids and we got a 54,500 MW manufacturing capacity of solar equipment. We asked the government to sanction ₹19,000 crore more under the PLI, which was approved (in-principle). Now we would have a PLI of ₹24,000 crore. We would be exporting solar equipment," Singh told PTI news agency.
The Centre had approved a ₹4,500 crore PLI scheme to boost the domestic manufacturing capacity of solar PV modules in April this year. The scheme is aimed at adding a 10,000 MW manufacturing capacity of integrated solar PV modules entailing a direct investment of ₹17,200 crore at present.
With the increase in amount by the Centre to ₹24,000 crore, the quantum of investments and domestic manufacturing capacity envisaged would further increase.
Under the scheme, solar PV manufacturers will be selected through a transparent competitive bidding process. The PLI will be disbursed for five years post commissioning of solar PV manufacturing plants, on sales of high-efficiency solar PV modules.
Manufacturers will be rewarded for higher efficiencies of solar PV modules and also for sourcing their material from the domestic market.
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Business NewsIndustryManufacturingGovt to increase PLI funding for solar manufacturing to ₹24,000 cr: Minister
First Published:14 Nov 2021, 11:26 AM IST
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