Sudarshan Varadhan

CHENNAI (Reuters] -India will give an additional 195 million rupees ($2.62billion), to increase investment in solar equipment manufacture, Nirmala Sitharaman from Finance Ministry said on Tuesday.

Sitharaman stated that a Production Linked Incentive will be offered for the manufacture of high-efficiency modules. Priority will be given to fully integrated manufacturing units, from polysilicon and solar PV modules.

Sumant Sinha is the chief executive officer of ReNew Power solar equipment manufacturer and renewable energy producer.

Sinha told Reuters that this will help to boost self-reliance and work towards the goal to achieve 280 GW by 2030.

Sitharaman announced also that green bonds would be issued by the government, which will help to fund projects in the context of India’s efforts to lower its carbon footprint.

Aarthi Svanandh, partner in law firm J. Sagar Associates, stated, “The appeal of sovereign green bonds is going to give a boost to our borrowing capability abroad because we present credibility to foreign capital pools and foreign investors,”

The government announced also four pilot programs for the conversion of coal into chemical and coal gasification, and said they would be tested to determine their financial viability.

($1 equals 74.4800 Indian rupees).