Budget (2021-2022) Highlights
Ministry of New and Renewable Energy (MNRE) has rolled out the budget highlights for the session 2021-2022. The key points of highlights are listed below-
AtmaNirbhar Bharat- Production Linked Incentive Scheme (PLI)
- To grow our economy equivalent to USD 5 trillion our manufacturing companies need to upgrade themselves. PLI’s prime focus is to create manufacturing global champions for an AtmaNirbhar Bharat.
- This scheme is an investment of near about Rs1.97 lakh crores for 5 years by the government for the session 2021-2022. The sole purpose of the scheme is to bring scale and size in key sectors, create and nurture global champions and provide jobs to our youth.
- As per PLI Scheme, 10,000 MW capacity of integrated solar PV manufacturing plants will be set by Q4 of 2022-2023 with an investment of about 14000 crores. The PLI scheme will lead to the employment of around 30,000 people in manufacturing activities. While, around 1,20,000 people in activities like packaging, logistics, etc.
Capital Augmentation of Solar Energy Corporation of India Limited (SECI) and Indian Renewable Energy Development Agency Limited (IREDA)
Equity infusion of Rs. 1000 cr. by GoI in SECI
- Solar Energy Corporation of India Limited (SECI), is a public sector undertaking as an ‘Implementing Agency’ of the Ministry. SECI is a shareholder of 54% of the growing projects on RE. It is the major contributor to the development of the RE sector by awarding projects of near about 47,000 MW capacity out of which 8,300 MW of capacity has been commissioned and the rest are under process.
- To boost the RE sector, an additional capital infusion of Rs 1,000 crore to SECI has been provided which will enable SECI to float 15,000 MW of tenders on yearly basis. It will attract investment of more than Rs. 60,000 crores, generate employment of 45,000 job years, and reduce emissions of 28.5 million tons of CO2 per year.
Equity infusion of Rs. 1500 cr. by GoI in IREDA
With the equity infusion of Rs1,500 crore by govt of India, IREDA will be able to expand its loan facility of Rs12,000 crore.
This will be a major contribution to financing of around 4,500 MW of RE projects worth Rs 18,000 to 19,000 crore. It will generate employment of 13,500 job years and reduce emissions of 8.55 million tons of CO2.
National Hydrogen Energy Mission- RE-Invest Conference in November 2020, had announced plans to launch a comprehensive National Hydrogen Energy Mission. It is now proposed to launch a Hydrogen Energy Mission in 2021-22 for generating hydrogen from green power sources.