In an effort to draw in Rs 94,000 crore in investment, the Cabinet on Wednesday approved a Rs 19,500 crore production linked incentive (PLI) scheme on the “national programme on high efficiency solar PV modules.”
One of the advantages anticipated from the PLI programme is the installation of a manufacturing capacity of around 65,000 MW annually for completely and partially integrated solar PV modules.
Anurag Thakur, the minister of information and broadcasting, provided details on the Cabinet decision, stating that the industry would provide roughly 2 lakh direct jobs.
The national initiative intends to lessen import dependency in the renewable energy sector and create an ecosystem for India to manufacture high efficiency solar PV modules.
About Rs 1.37 lakh crore less import substitution is anticipated as a result of the project.
Manufacturers of solar PV systems will be chosen via a transparent selection procedure. After the commissioning of solar PV production facilities, PLI will be paid out for five years, and incentives will be provided for domestic market sales of high efficiency solar PV modules.
