REUTERS, Chennai

India will allocate an additional 195 billion rupees ($2.62 billion) to boost investment in solar equipment manufacturing, Finance Minister Nirmala Sitharaman said yesterday.

“Production Linked Incentive for manufacture of high efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, will be made,” Sitharaman said while presenting the federal budget. Sumant Sinha, chief executive of renewable energy producer and solar equipment maker ReNew Power, said the additional allocation was a welcome move, adding that the new estimated expenditure was over four times last year’s allocation.