Rs 19,500 crore PLI bonanza cleared for solar module units – Times of India

NEW DELHI: The Cupboard on Wednesday permitted a production-linked incentive (PLI) of Rs Rs 19,500 crore for high-efficiency photo voltaic module manufacturing, a transfer the federal government stated will substitute imports price Rs 1.4 lakh crore a 12 months and create 9,75,000 direct and oblique jobs, the federal government stated.
That is the second tranche of incentives underneath the PLI scheme for photo voltaic manufacturing, introduced within the 2022-23 Finances.
The federal government reckons the scheme would result in direct funding of Rs 94,000 crore and facilitate constructing of 65,000 MW each year manufacturing capability of absolutely and partially built-in photo voltaic PV modules.
Analysts stated mixed with extra incentives given by states and concessions obtainable underneath Customs rules, the scheme will make Indian-made modules aggressive.
“The PLI advantages coupled with incentives prolonged by states and concessional or deferral responsibility schemes in customs will assist enhance the inner price of return of tasks and make Indian manufactured photo voltaic modules aggressive out there,” E&Y tax associate Saurabh Agarwal stated.
The federal government stated the scheme may also encourage capability constructing in peripherals resembling photo voltaic glass and again sheets wanted for making modules.
The module producers will probably be chosen by means of a clear aggressive bidding course of. PLI will probably be disbursed for five years after commissioning of the manufacturing crops, on gross sales of excessive effectivity photo voltaic PV modules. Producers will probably be rewarded for larger efficiencies of photo voltaic PV modules and likewise for sourcing their materials from the home market.
India’s ambition to create a 500 gigawatt (GW) solar energy capability by 2030, although versatile, is driving on imports as a consequence of home capability constraints. Home manufacturing capability presently stands at 3 GW for cells and 15 GW of modules.

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