HomeBusinessCenter approves Rs 19,500 crore PLI scheme for solar PV modules

Center approves Rs 19,500 crore PLI scheme for solar PV modules

Center approves Rs 19,500 crore PLI scheme for solar PV modules

Solar PV manufacturers will be selected through a transparent selection process.

New Delhi:

The Cabinet on Wednesday approved a Rs 19,500-crore Generation Linked Incentive (PLI) scheme on the ‘National Program on High Efficiency Solar PV Modules’ with an aim to attract an investment of Rs 94,000 crore in the sector.

One of the expected benefits from the PLI scheme is that around 65,000 MW per annum manufacturing capacity of fully and partially integrated solar PV modules will be set up.

Giving information about the decision of the cabinet, Information and Broadcasting Minister Anurag Thakur said that about 2 lakh direct jobs will be created in this sector.

The national program aims to create an ecosystem for manufacturing high-efficiency solar PV modules in India and reduce import dependence in renewable energy.

The initiative is expected to reduce import substitution by about Rs 1.37 lakh crore.

Solar PV manufacturers will be selected through a transparent selection process. The PLI will be distributed for 5 years after the commissioning of the solar PV manufacturing plants and sales of high efficiency solar PV modules from the domestic market will be encouraged.

(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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