Highlights

  • PLI scheme has potential to create 60 lakh new jobs
  • FM proposes enhancing PLI funding for domestic solar cells

Latest news

Putin ready to meet Trump 'anytime' to talk Ukraine deal

Putin ready to meet Trump 'anytime' to talk Ukraine deal

India to play Champions Trophy matches at neutral venue: ICC

India to play Champions Trophy matches at neutral venue: ICC

India's electric vehicle market to reach Rs 20 lakh crore by 2030, says Nitin Gadkari

India's electric vehicle market to reach Rs 20 lakh crore by 2030, says Nitin Gadkari

BJP MPs admitted in RML Hospital ICU with head injuries after scuffle with opposition

BJP MPs admitted in RML Hospital ICU with head injuries after scuffle with opposition

Ravichandran Ashwin's fun time with support staff reminisced by BCCI | Watch

Ravichandran Ashwin's fun time with support staff reminisced by BCCI | Watch

Mallya Calls for Justice Over Excess Debt Recovery and Legal Inconsistencies

Mallya Calls for Justice Over Excess Debt Recovery and Legal Inconsistencies

UK PM Keir Starmer hosts Indian business chiefs to boost investments

UK PM Keir Starmer hosts Indian business chiefs to boost investments

Parliament Protest Melee: Congress claims Kharge pushed, Rahul manhandled

Parliament Protest Melee: Congress claims Kharge pushed, Rahul manhandled

Budget 2022: PLI Scheme to create 60 lakh new jobs in next 5 years, says FM

In April 2021, the Union Cabinet approved a Rs 4,500 crore production linked incentive (PLI) scheme to boost domestic manufacturing capacity of solar PV modules.

Budget 2022: PLI Scheme to create 60 lakh new jobs in next 5 years, says FM

Finance Minister Nirmala Sitharaman on Tuesday proposed enhancing the funding under the PLI scheme for domestic solar cells and module manufacturing to Rs 24,000 crore from the existing Rs 4,500 crore to make India an exporting nation.

"For facilitating domestic manufacturing for the ambitious goal of 280GW of installed solar capacity by 2030, an additional allocation of Rs 19,500 crore for PLI scheme for manufacturing of high efficiency (solar) modules with priority of fully integrate manufacturing units for polysilicon to solar PV modules will be made," Sitharaman said in her Budget speech in the Lok Sabha.

In April 2021, the Union Cabinet approved a Rs 4,500 crore production linked incentive (PLI) scheme to boost domestic manufacturing capacity of solar PV modules.

The scheme was aimed at adding 10,000 MW manufacturing capacity of integrated solar PV modules entailing direct investment of Rs 17,200 crore at present (existing).

With the increase in allocation to Rs 24,000 crore, the quantum of investments and domestic manufacturing capacity envisaged under the PLI scheme would further increase.

The PLI scheme -- National Programme on High Efficiency Solar PV Modules -- approved by the Union Cabinet, was aimed at reducing import dependence in a strategic sector like electricity.

Under the scheme, solar PV manufacturers will be selected through a transparent competitive bidding process. The PLI will be disbursed for five years post commissioning of solar PV manufacturing plants, on sales of high efficiency solar PV modules.

Manufacturers will be rewarded for higher efficiencies of solar PV modules and also for sourcing their material from the domestic market. The PLI amount increases with increased module efficiency and increased local value addition.

Budget 2022: Nirmala Sitharaman says govt focus is to steer economy for 25 years

Budget 2022 Live Updates: Record Capex, Tax on Crypto & No Income Tax relief for middle class

ADVERTISEMENT

Up Next

Budget 2022: PLI Scheme to create 60 lakh new jobs in next 5 years, says FM

Budget 2022: PLI Scheme to create 60 lakh new jobs in next 5 years, says FM

Mallya Calls for Justice Over Excess Debt Recovery and Legal Inconsistencies

Mallya Calls for Justice Over Excess Debt Recovery and Legal Inconsistencies

UK PM Keir Starmer hosts Indian business chiefs to boost investments

UK PM Keir Starmer hosts Indian business chiefs to boost investments

Bangladesh Government Plans to Renegotiate Power Deal with Adani Power, Citing Unfair Terms

Bangladesh Government Plans to Renegotiate Power Deal with Adani Power, Citing Unfair Terms

New Zealand falls into recession with abrupt economic slowdown

New Zealand falls into recession with abrupt economic slowdown

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

Dollar Pushes Indian Rupee to Record Low of 85, Fed's Policy Outlook in Focus

ADVERTISEMENT

editorji-whatsApp

More videos

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

Oil Prices Rally on Inventory Drop, Market Awaits Fed Projections

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

SEBI Expands UPSI Definition, Strengthens ESG and Governance Frameworks

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

Gold Imports surge in November: Commerce Ministry examining data for any calculation error

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

Indian Stock Market: Mixed Sectoral Performance Amid IPO Highlights

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Parliamentary Panel bats for legal guarantee of MSP to protect farmers' interests

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

Bihar fully prepared to create robust business ecosystem, investment safe: Dy CM Samrat Choudhary

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

"If they tax us, we tax them...," Trump Signals Tough Trade Stance; Reciprocal Tariffs on India

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

Top 5 Losers of NIFTY 50: A Day of Decline for Leading Stocks

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

 Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Indian Markets Open Lower Amid Caution Ahead of U.S. Federal Reserve Meeting

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.