Home / Industry / Manufacturing /  Govt to increase PLI funding for solar manufacturing to 24,000 cr: Minister
Back

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.

Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout
x