India sets aside USD 2.6bn of additional funds for solar manufacturing

Source: IBC Solar AG (www.ibc-solar.com)

February 1 (Renewables Now) - India has set aside a further INR 195 billion (USD 2.6bn/EUR 2.3bn) to support the domestic manufacturing of solar modules, finance minister Nirmala Sitharaman said on Tuesday, while unveiling the budget for the fiscal year 2022/23.

The document says that this sum will be allocated for production-linked incentives towards the fabrication of high-efficiency solar modules. Priority will be given to fully-integrated production facilities that manufacture everything from polysilicon to photovoltaic (PV) panels.

This additional allocation should help the nation achieve its goal of reaching 280 GW of installed solar power generating capacity by the end of the decade.

"The overall, sharp rebound and recovery of the economy from the adverse effects of the pandemic is reflective of our country's strong resilience"- Finance Minister @nsitharaman

Check out the FM's full #Budget2022 speech here🔗https://t.co/79SDlHbFaW #AatmanirbharBharatKaBudget pic.twitter.com/5QuFzdenJS
— PIB India (@PIB_India) February 1, 2022