India Aims to Conquer Solar Power Market by 2022

India is gearing to become one of the top solar markets in the world. The Indian Government, through its Jawaharlal Nehru National Solar Mission, is looking forward to achieving 20 GW of solar power generation by the year 2022.

The government has allocated huge amounts of money to enable solar power to become a main source of power generation.

The Indian government, by granting incentives and by taking the lead in the production of cost-effective quality solar products including system components other than the solar PV modules, is planning to make India a solar power hub. The execution of Special Incentive Package (SIP) policy by the Indian government is aimed to encourage the setting up of photovoltaic production plants and the domestic production of silicon material. The government is taking steps to encourage the SME segment to support the manufacture of a range of components required for solar power systems.

The IREDA (Indian Renewable Energy Development Agency) supports the solar power generation in India by granting soft low-interest loans for solar power expansion, for introduction of advanced technologies and for use as working capital.