Soon, solar photovoltaic (PV), AC and LED light manufacturing parts will be made domestically.The Union Cabinet on Wednesday approved the Production Based Incentive (PLI) scheme related to the manufacture of solar PV, AC, and LED light components. In this head, the government will give an incentive of more than 10,000 crore rupees. To encourage domestic manufacturing of solar PV, the Cabinet approved the PLI scheme of Rs 4,500 crore and the LED light and AC components for 6,238 crores.
As part of the self-reliant India campaign, the government has announced a PLI scheme for 13 sectors. Of these, the PLI scheme of nine sectors has been approved by the Cabinet. Currently, for solar PV, India relies heavily on imports, including China.The stake is the highest. Commerce and Industry Minister Piyush Goyal said that AC business in India is increasing by 15-20 percent annually.
The LED light market in the country is also growing at almost the same pace. 300 million LED bulbs are sold annually in the country. 90 percent of these bulbs are made in India, but their components come from other countries. Components are also imported for manufacturing AC.
Therefore, a PLI scheme of 6,238 crores has been approved for the production of AC and LED components domestically. Soon the detailed outline will be released by the department concerned.