Uttarakhand’s CM Solar Self-Employment Scheme | 28 Oct 2024
Why in News?
Recently, the Uttarakhand government introduced a solar self-employment initiative aimed at promoting sustainable energy and rural employment opportunities.
Key Points
- Objective:
- Designed to curb migration by fostering local employment through solar power projects.
- Program Details:
- Individuals can establish solar plants (20–200 kW) and sell generated electricity to Uttarakhand Power Corporation Limited (UPCL).
- Financial support includes bank loans and assistance under the MSME and self-employment schemes.
- Economic Impact:
- Encourages income opportunities for local entrepreneurs, enhancing rural economies through sustainable practices.
Current Status of India’s Solar Sector
- About:
- India is the 3rd largest energy-consuming country in the world. India stands 5th in solar power capacity (REN21 Renewables 2024 Global Status Report).
- At COP26, India pledged to achieve 500 GW of non-fossil fuel-based energy by 2030, part of the Panchamrit initiative the world's largest renewable energy expansion plan.
- Solar Energy Growth:
- Installed solar energy capacity has increased 30-fold in the last 9 years, reaching 89.4 GW in August 2024.
- India’s solar potential is estimated to be 748 GWp (National Institute of Solar Energy, NISE).
- Investment and FDI:
- 100% Foreign Direct Investment (FDI) is allowed under the automatic route for renewable energy generation and distribution projects, subject to The Electricity Act, 2003.