In the upcoming budget a budget allocation for the recently introduced rooftop solar scheme for households, known as the Pradhan Mantri Suryoday Yojna. It is expected that the budget will unveil enhanced subsidies as part of the scheme.
On January 22, 2024, PM Modi announced the PM Suryodaya Yojana upon his return from Ayodhya. Rooftop solar panels are put on the nation’s middle-class and lower-class citizens’ homes as part of this program. It helps them generate adequate power and lower their expenses.
The Ministry of New and Renewable Energy ( MNRE ) launched the existing ‘Rooftop Solar Programme Phase-II’ on March 8, 2019 with an objective to achieve 4,000 MW of RTS capacity in the residential sector by providing subsidy or Central Financial Assistance ( CFA ). However, until November, 2023, the capacity installed under the RTS Phase-II subsidy scheme was 2651.10 MW.
The allocation in the Interim Budget for the scheme is likely to be at least Rs 20,000 crore. Also, enhanced subsidies could be unveiled as part of the scheme.
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