Indian Government Introduces ‘Pradhan Mantri Suryoday Yojana’: An Exceptional Move to Promote Solar Energy
According to a statement from Renewable Energy Minister RK Singh, the Indian government has revealed a unique solar program, ‘Pradhan Mantri Suryoday Yojana’ in Budget 2024. The program stands separate from the current rooftop solar initiative. The intent behind it is to enhance the adoption of solar panel installations throughout India’s rural regions, focusing primarily on the agricultural segment.
Moving Towards Solar Independence
The core aim of this new initiative is to render farmers capable of producing their own electricity. This plan would not only make them independent but also provide opportunities for generating extra income by selling the excess power. It has been further reinforced by RK Singh, who announced an impressive 60% subsidy increase for rooftop solar installations, validating the government’s strong dedication to renewable energy.
Focus On Economically Fragmented Sections
The revised subsidy is designed to lighten the economic load for those consumers whose electricity consumption falls below 300 units. Typically, these individuals hail from economically fragmented parts of society. The new initiative will make it easier for them to afford solar installations and eliminate the need for loans.
Implementation and Financial Support
For efficient execution of the ‘Pradhan Mantri Suryoday Yojana’, Special Purpose Vehicles (SPVs) will be set up by central public sector enterprises (CPSEs) allocated for each state. The government has set aside a budget of ₹10,000 crore specifically for rooftop solar installations. Moreover, the state-managed REC is set to serve as the executing agency for this scheme, pledging up to ₹1.2 lakh crore for the installation of rooftop solar panels. It is anticipated that this move will speed up the currently sluggish progress towards achieving the rooftop solar installation goal.
The introduction of this solar scheme underlines the government’s commitment to encouraging renewable energy sources and increasing their contribution to India’s energy mix. The program is expected to greatly contribute to the nation’s energy security and address environmental issues by reducing dependence on traditional fossil fuels.
