The Cabinet on Wednesday approved a Rs 19,500-crore production linked incentive (PLI) scheme on ‘national programme on high efficiency solar PV modules’ with an aim to attract Rs 94,000 crore investment in the sector.
One of the the benefits expected from the PLI scheme is that about 65,000 MW per annum manufacturing capacity of fully and partially integrated solar PV modules would be installed.
Giving details about the Cabinet decision, information and broadcasting minister Anurag Thakur said that about 2 lakh direct jobs would be created in the sector.
The national programme aims to build an ecosystem for manufacturing of high efficiency solar PV modules in India and reduce import dependence in the area of renewable energy.
The initiative is expected to reduce import substitution of about Rs 1.37 lakh crore.
Solar PV manufacturers will be selected through a transparent selection process. PLI will be disbursed for 5 years after commissioning of solar PV manufacturing plants and sales of high efficiency solar PV modules from the domestic market will be incentivised.