Finance Minister moots ₹19500-cr. push for solar manufacturing

Topic: Economy

In news:

The Centre has said it is committed to “facilitate” domestic manufacturing for the solar energy sector by looking to add 2,80,000 MW of installed capacity by 2030.
To this end, Finance Minister said the government envisioned an “additional allocation” of ₹19,500 crore as a “production- linked incentive” for manufacturing solar modules.
As part of this, India would increase its non-fossil energy capacity to 5,00,000 MW by 2030 and meet 50% of its energy requirements from renewable energy by 2030.
“This strategy opens up huge employment opportunities and will take the country on a sustainable development path.
The Central Electricity Authority in its latest assessment has said as of early November, solar accounted for 11.8% of the installed capacity and had increased from 11.3% from four months ago.
In the run-up to COP-26, the U.S. and India agreed to collaborate towards installing 4,50,000 MW of renewable energy by 2030.
India’s installed power capacity is projected to be 4,76,000 MW by 2021-22 and is expected to rise to at least 8,17,000 MW by 2030.

Solar energy in India:

India’s current installed solar power capacity, is 97 MW which is 34% of total renewable energy sources i.e, 75055.92 MW
India facing problems in fulfilling its energy demand, solar energy can play an important role in providing energy security.
With its pollution free nature, virtually inexhaustible supply and global distribution, solar energy is very attractive energy resource.
India’s Intended Nationally Determined Contributions (INDC’s) commitment includes 100 GW of solar power out of 175 GW renewable energy by 2022.