Pradhanmantri Suryodaya Yojana – After the ceremony for the Ram temple in Ayodhya, Prime Minister Narendra Modi announced a new initiative to install rooftop solar systems in one crore homes. This marks his first scheme following the consecration ceremony.
The scheme announced by Prime Minister Narendra Modi to install rooftop solar systems in one crore homes, known as the ‘Pradhanmantri Suryodaya Yojana,’ comes with several potential benefits:
Insights
Benefits of Scheme
- Clean and Renewable Energy: The scheme promotes the use of solar energy, which is clean and renewable, contributing to a reduction in the carbon footprint and mitigating environmental impact.
- Energy Independence: The scheme promotes energy independence at the household level, reducing dependency on traditional energy sources. This can contribute to greater energy security for individual families.
- Environmental Conservation: Solar energy is a clean source that does not produce harmful emissions or pollutants during electricity generation. This contributes to the overall conservation of the environment and helps combat climate change.
- Government’s Green Initiatives: The scheme aligns with the government’s larger goals of promoting green and sustainable initiatives, demonstrating a commitment to cleaner energy alternatives.
Additionally, he emphasized that the initiative is not only geared towards lowering electricity expenses for the less affluent and middle-class households but also envisions fostering self-reliance for India in the energy sector.
Solar Energy Plan by 2030
In a bid to to move towards green revolution across the nation, the government has established an ambitious goal of achieving 500 gigawatts (GW) of installed renewable energy by 2030. This comprehensive target encompasses the deployment of 280 GW in solar power and 140 GW in wind power.
India has embarked on an ambitious journey towards a sustainable and green energy future, setting robust targets and making significant strides in harnessing renewable energy sources. As of November 2023, the country boasts a combined installed capacity of over 179.57 gigawatts (GW) from various renewable sources, marking a substantial contribution to the global effort to combat climate change.
Solar Power (72.3 GW): The solar energy landscape in India has witnessed remarkable growth, with an impressive installed capacity of 72.3 GW. This surge reflects the country’s commitment to expanding its solar infrastructure and tapping into the abundant sunlight available.
Companies involved in energy storage solutions, in addition to solar power generation, may present interesting investment opportunities. As the importance of reliable energy storage grows, companies focusing on this aspect could benefit.
Additionally, consulting with a financial advisor is recommended to tailor investment decisions to individual financial goals and risk tolerance.
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