(EPT) : Finance Minister Nirmala Sitharaman today presented the Union Budget 2022 & In the Union Budget 2022 speech, Finance Minister announced to allocate Rs 19,500 crore to boost manufacturing of solar modules under the government’s flagship Production Linked Incentive scheme.
Commenting on the announcement, Servotech Power Systems Limited Founder and Managing Director, Raman Bhatia, said “the key decisions made on the renewable energy front illustrated in the Union Budget 2022 precisely addresses the most critical challenges halting India’s speedy transition to a clean new era”.
The allocation of additional Rs 19,500 cr to the Production Linked Incentive (PLI) for the development of high-efficiency solar modules, thoughtful policies & action plans, supporting incentives for green bonds would not only accelerate our pace to achieve the 2030 target of 280 GW of installed solar capacity but would also help deliver on the 2070 net-zero emissions target commitment made by PM Narendra Modi at the COP26 summit held last year in Glasgow and play a pivotal role in tackling the global crisis of climate change.
Presenting the fourth budget, Sitharaman said the funding under the production-linked investment (PLI) scheme for domestic solar cells and module manufacturing would be increased to Rs 24,000 crore from Rs 4,500 crore, which would help India emerge as an exporting nation.
About Servotech
Having emerged as a pioneer in developing out-of-the-box solutions by integrating technology and innovation, Servotech Power Systems Ltd. an NSE listed company is engaged in the end-to-end manufacturing, procurement and distribution of a range of high-end yet advanced solar products, medical devices as well as energy-efficient lighting solutions. Having forayed into the EV market recently with the launch of high-tech EV charging equipment, the company intends to establish EV charging tech infrastructure pan India expeditiously and bolster the nation’s progression towards the electric revolution. With a remarkable legacy of over two decades in establishing solar-powered infrastructure and commissioning projects on a massive scale pan India.