In a major boost to the country’s renewable energy sector, India is set to become less dependent on other nations for the manufacture of solar energy components in the coming years. This was announced by the Finance Minister Nirmala Sitharaman during the presentation of the Union Budget 2023.
The government has allocated a substantial sum of Rs. 1,500 crore for the development of domestic manufacturing of critical components of solar energy. The aim is to promote local production and reduce the country’s dependence on imports, thereby saving foreign exchange and creating job opportunities in the domestic manufacturing sector.
In addition to the allocation of funds, the government has also announced several measures to promote the development of the solar energy sector, including the setting up of large-scale solar parks, expansion of the renewable energy certificate market, and the introduction of tax incentives for manufacturers.
The renewable energy sector has welcomed the government’s move and has praised it as a positive step towards promoting the use of clean energy in the country. The development of local manufacturing will not only provide a boost to the domestic industry but also reduce the country’s dependence on foreign imports, thereby strengthening the country’s energy security.
The budget proposal is expected to go a long way in promoting the growth of the renewable energy sector in India and help the country achieve self-reliance in the manufacture of solar energy components. The government’s focus on promoting local manufacturing is expected to bring about a significant reduction in the country’s dependence on other nations and help India become a major player in the global solar energy market.