By Newsgram Staff Writer
India ranks 4th in the world in terms of energy generation and the government is planning to increase its productivity, with a special emphasis on the green energy sector, said Piyush Goyal, Minister of state for Power, Coal & New and Renewable Energy in Rajya Sabha.
He said that the Ministry of New and Renewable Energy is increasing its renewable energy generation target to 29,800 MW. This will include 15,000 MW from wind, 10,000 MW from solar, 2,100 MW from small hydro and 2,700 MW from bio-power.
The minister told the house that the government is providing a range of fiscal and financial incentives for the promotion of renewable energy under various schemes. For solar power generation, the ministry is implementing a ‘Grid Connected Rooftop and Small Solar Power Plants Programme’ that encourages the installation of solar rooftop systems apart from giving subsidies for the same.
The government has decided to reduce the subsidy on rooftop solar power plants to 15% from 30% due to the decline in price of solar panels, Goyal said and added,” The Department of Financial services has also instructed the Public Sector Banks to encourage home improvement loan seekers to install rooftop solar PV plants and include cost of system in their home loan proposals.”
The ministry has also released a total of Rs. 957 crore towards Generation Based Incentive (GBI) for wind power producers to promote wind power projects through private sector investment.
Piyush Goyal also shed light on the ministry’s decision to increase renewable energy production and consumption in the agrarian sector. A solar pumping program has been launched for irrigation and drinking water for 1,00,000 pumps during 2014-15. The Minister further stated that for this purpose, Rs 400 Crores have been allocated for current Financial Year.