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Why in the News?
Recently, the Union Cabinet approved the Production Linked Incentive (PLI) Scheme on ‘National programme on High-Efficiency Solar PV Modules’.
Key Points:
- India has international climate commitments, to a target of installing 5,00,000 MW of electricity from non-fossil fuel-based sources by 2030.
- PLI will be disbursed for 5 years post commissioning of solar PV manufacturing plants.
- Nodal body: Ministry of New and Renewable Energy
Benefits:
- Reduce the industry’s reliance on China-made panels.
- create direct employment
- give impetus to research and development to achieve higher efficiency.
- Allow import substitution of Rs. 1.37 lakh crore approx.
- strengthen the Atamnirbhar Bharat initiative
- Secure energy security through renewable sources of energy
About Production Linked Incentive (PLI) Scheme:
- It was launched by central government in 2020 to boost domestic manufacturing and cut import bills and employment generation.
- It aims to give companies incentives on incremental sales from products manufactured in domestic units.
About Solar PV modules
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