Rs 19,500 cr PLI-II for solar equipment to save Rs 1.4 lakh cr forex, says R K Singh

Rs 19,500 cr PLI-II for solar equipment to save Rs 1.4 lakh cr forex, says R K Singh

Updated: Sep 21 2022 7:01PM

New Delhi, Sep 21 (PTI) Union Power Minister R K Singh on Wednesday exuded confidence that the second version of production linked incentive (PLI-II) scheme for solar manufacturing worth Rs 19,500 crore, will help save close to Rs 1.4 lakh crore forex every year.

The Union Cabinet, chaired by Prime Minister, Narendra Modi, approved the implementation of the Production Linked Incentive Scheme (Tranche II) on ‘National programme on High-Efficiency Solar PV Modules’, with an outlay of Rs 19,500 crore for achieving a manufacturing capacity of 65 Giga Watt (GW) scale in High-Efficiency Solar PV Modules.

The government has expanded the scope under PLI-II as the domestic manufacturing capacity will also boost exports. The PLI-I for solar modules was worth Rs 4,500 crore, which was brought with intent to meet domestic requirement mainly as India has been importing solar equipment.