HomeInvestment & Trading ›Reliance, Tata Power Bid for Solar Incentives worth USD 2.4 Billion

Reliance, Tata Power Bid for Solar Incentives worth USD 2.4 Billion

Conducted by state-run Solar Energy Corp., the bids closed on February 28, after several extensions.

March 02, 2023. By Anurima Mondal

Solar module manufacturers Reliance Industries and Tata Power, are among the bidders for India's USD 2.4-billion financial incentive scheme to reduce dependence on imported panels from China, encouraging domestic solar module manufacturing.

Various other Indian companies such as JSW Energy, Avaada Group and ReNew Energy Global and international companies like First Solar also participated in the bidding process. Conducted by state-run Solar Energy Corp., the bids closed on February 28, after several extensions.

With the ‘Make in India’ campaign, the prime minister wants to showcase indigenous products as an alternative to Chinese goods. If India turns into a manufacturing powerhouse, not only would it be able to reduce imports which can drain foreign exchange but can also create more jobs in the economy.

India aims to expand its solar module manufacturing capacity to 90 GW by 2026. The government is offering grants to take the country’s module-making capacity to an extent that would not only meet its own requirements but also serve foreign markets.
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