Budget 2022: Additional Rs 19,200 cr allocated for PLI for manufacture of high-effeciency modules

Union Budget 2022, tabled by Finance Minister Nirmala Sitharaman on Tuesday allocated additional Rs 19,500 crore for production linked incentives (PLI) for the manufacturing of high-efficiency modules. This will ensure the domestic manufacturing required for achieving the ambitious goal of 280 GW of installed solar capacity by 2030.

While presenting the Union Budget in Parliament today, Sitharaman laid emphasis on the vision of promoting energy transition and climate action during the Amrit Kaal and put this as one of the important priorities of the country for moving forward.

Ministry of New and Renewable Energy (MNRE) RK Singh said "Congratulations to Finance Minister on a forward-looking Union Budget 2022-23. Aatmanirbhar Bharat Ka Budget of 2022 has laid the blueprint for India's Amrit Kaal, covering areas like infrastructure, digitisation, agriculture, fiscal management, technology and manufacturing."

"Budget 2022 is a step towards innovative and sustainable development in new India to strengthen our Energy Transition journey and fight climate change," he said.

"The risks of climate change are the strongest negative externalities that affect India and other countries", the Union Finance Minister said while addressing the Parliament.

She re-iterated the low carbon development strategy, announced by the Prime Minister, as an important reflection of our government's strong commitment towards sustainable development.

This strategy opens up huge employment opportunities and the budget proposes several near-term and long-term actions in this regard, the release said.

As a part of the government's overall market borrowings in 2022-23, sovereign Green Bonds will be issued for mobilizing resources for green infrastructure.

The proceeds will be deployed in public sector projects which help in reducing the carbon intensity of the economy, it added.

( With inputs from ANI )