Beneficiaries of the Pradhan Mantri Suryoday Yojana will get free electricity of up to 300 units every month, announced Finance Minister Nirmala Sitharaman in her interim budget speech.
“This scheme follows the resolve of the honorable Prime Minister on the historic day of consecration of Sri Ram Mandir in Ayodhya,” she said.
On 22nd January 2024, Prime Minister Narendra Modi launched the Pradhan Mantri Suryoday Yojana with the aim of solarizing 1 crore Indian households. The initiative aims to reduce the electricity bills of the poor and middle class and make India self-reliant in the field of energy.
This move will add 20-25 GW of rooftop solar capacity, according to an analysis by the Council on Energy, Environment and Water (CEEW).
The finance minister also stated that this new rooftop solar scheme will help households save up to ₹15,000- 18,000 annualy due to the free electricity policy and the sale of surplus energy to the DISCOMs.
REC Limited will be the implementing agency for the rooftop solar scheme, and invest a sum of ₹1.2 trillion for the installation of solar plants.
Further, significant investments have been outlined for the expansion of the clean energy sector in the Interim Budget 2024. For the fiscal year 2024-25, the finance ministry has allocated a sum of ₹10,000 crores for the development of solar power grid projects. This marks a 110% increase from the ₹4,970 crore allocated in the previous fiscal.
Moreover, a sum of ₹600 crore has been allocated for the National Green Hydrogen Mission,
According to experts, these significant allocations will boost innovations and help attract domestic and international investments in India’s renewable energy sector.
Apart from these, the minister also announced several initiatives that will be undertaken to achieve India’s net zero target. These include the introduction of viability gap funding (VGF) for harnessing offshore wind energy capacity, coal gasification, and the expansion of the EV ecosystem to boost public transport.
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Resource: ET Energy
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