Budget 2022: Rs 19,500 Cr For Manufacturing Solar Modules; Here's How It Will Help Create Jobs
With an aim to increase India's generation of renewable energy, Finance Minister Nirmala Sitharaman announced to allocate Rs 19,500 crore to boost manufacturing of solar modules under the government¡¯s flagship Production Linked Incentive scheme.?
In her Union Budget 2022 speech,?Sitharaman said that the scheme has the potential to create 60 lakh new jobs and additional production of 30 lakh crore jobs during the next five years.?
Production Linked Incentive (PLI) Scheme for achieving Aatmanirbhar Bharat has received an excellent response, with the potential to create 60 lakh new jobs and additional production of 30 lakh crore during the next five years, she said.
What she said
¡°To facilitate domestic manufacturing for ambitious goal of 280 GW of installed solar capacity by 2030, additional allocation of Rs 19,500 cr for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made,¡± Sitharaman said.
Solar has a major role in achieving India¡¯s renewable energy 2030 goal.?
Solar capacity increased
The installed capacity of solar energy in India has increased from 2.63 GW in March 2014 to 49 GW in December 2021.?
Earlier, the FM had said that the Union Budget 2022-23 will lay the foundation for India's economic growth and expansion for the next 25 years.
"This Union Budget seeks to lay the foundation and give a blueprint of the economy over Amrit Kal of next 25 years - from India at 75 to India at 100," Sitharaman said while presenting her fourth union budget.
She said India is in a strong position to withstand future challenges.
The Finance Minister said the government's focus will continue on boosting public investment to modernise infrastructure.
One of the priority areas of the government in the coming years would be the PM Gati Shakti programme. Seven engines of the PM Gati Shakti initiative are roads, Railways, airports, ports, mass transport, waterways and logistics infra.
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