Indian Government May Announce Budgetary Support For 3 GW Solar Power Capacity
Huge budgetary allocation for promotion of solar power can be expected in the upcoming financial budget to be announced by the Indian government later this month.
According to media reports, the government may consider earmarking financial as well as non-financial support for 3 GW of solar power capacity in the financial year 2016–2017 (April 2016 to March 2017). Specifically, the support may be announced for the ultra mega solar power projects programme that targets setting up 20 GW capacity across various states in the country.
An inter-ministerial committee has presented the proposal to the finance ministry, which will take a final decision on the issue. While offering support for setting up large-scale solar power projects, the government may also ask project developers to set up manufacturing units to increase employment, another major goal of the current government.
Last month, the Indian government approved funding worth Rs 5,050 crore (US$750 million) through the Solar Energy Corporation of India (SECI) as viability gap funding to set up 5 GW of solar power projects. These projects will form part of the Batch IV of Phase II of the National Solar Mission that aims to have an operational solar power capacity of 100 GW by 2022. This is the third such approval by the Indian Government to develop projects under the viability gap funding mode.
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