Indian Prime Minister Narendra Modi says the country will invest $9 billion (75,000 crore rupees) to bolster the transition to solar energy via subsidies and cheaper loans for rooftop solar, according to a report by the Indian Express, with the PM saying the scheme would reduce power bills for the “poor and middle class”, and help push the country toward its goal of becoming self-reliant in energy.
Over 73 gigawatts (GW) of solar power had been installed in India as of December 2023, but rooftop solar capacity has seen sluggish uptake and is only around 11.08 GW, the report said, noting that officials have said money would be deposited in bank accounts of people who install solar panels and they would be able to sell surplus electricity back to the grid.
Other reports said local councils would get incentives to promote the scheme, which Modi said would “lead to more income, smaller power bills, while generating employment.”
Modi is seeking as third term as PM in a national election that is due to be held in April and May.
Read the full report: Indian Express.
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