Finance Minister moots ₹19500-cr. push for solar manufacturing
- February 2, 2022
- Posted by: OptimizeIAS Team
- Category: DPN Topics
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Finance Minister moots ₹19,500-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.