India allocates US $ 2.5 billion for solar module units |
The Indian Cabinet on September 21 approved a production-linked incentive of Rs 19,500 crores for high-efficiency solar module manufacturing, a move which will substitute imports worth Rs 17,500 crores a year and create 50,000 direct and indirect jobs.
Union Power Minister R K Singh said the scheme, announced in the 2022-23 budget, would save Rs 1.4 lakh crore or US$ 18 billion in foreign exchange. The government reckoned that the scheme would lead to direct investment of Rs 17,200 crores and expand domestic integrated module manufacturing capacity by 10,000 megawatts. Additional state incentives and concessions available under customs regulations will make Indian-made modules competitive.
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