Finance Minister allocated ₹19,500 crore to manufacture solar equipment

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Finance Minister allocated ₹19,500 crore to manufacture solar equipment
04 Feb 2022
4 min read

News Synopsis

The Finance Minister, Nirmala Sitaraman has allocated an additional Rs 19,500 crore to manufacture solar equipment for solar power under the PLI scheme. The PLI scheme provides incentives to companies for enhancing domestic manufacturing.

The allocation is made in line with efforts to cut India’s total projected carbon emission by 1 billion tonnes by 2030. The stocks of the Adani Power, Tata Power, Suzlon and other renewable energy stocks saw a rise after the announcement. The manufacturing of solar equipment and bringing them into use will be helpful to reduce carbon emissions in India.

The stock of Adani Power rose 2%, stock of Tata Power by 1.38%, Suzlon by 3.35% and stock of Gital Renewable Energy also surged after the announcement. 

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