Union Finance Minister Nirmala Sitharaman while presenting Budget 2022-23 on 1st February 2022 announced an additional allocation of Rs. 19,500 crore under the Production Linked Incentive (PLI) scheme for solar modules.
The Indian Finance Minister said in her budget speech “To facilitate domestic manufacturing for the ambitious goal of 280 gigawatt (GW) of installed solar capacity by 2030, an additional allocation of Rs. 19,500 crore for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made”.
‘National Programme on High-Efficiency Solar PV Modules’, a Rs. 4,500 crore PLI Scheme was earlier announced by the Indian Government in April 2021. India has set target of setting up 450 Gigawatts (GW) of renewable energy installed capacity by 2030.