Budget 2024: Pradhanmantri Suryodaya Yojana Promises Free Electricity For Millions - Details

On Thursday, Finance Minister Nirmala Sitharaman announced that the Pradhanmantri Suryodaya Yojana aims to provide up to 300 units of free electricity every month to one crore families, leading to annual savings of up to Rs 18,000. PM Narendra Modi had introduced the initiative in January, emphasizing the installation of rooftop solar systems.
Pradhanmantri Suryodaya Yojana

Pradhanmantri Suryodaya Yojana (Image Source: IANS)

On Thursday, Finance Minister Nirmala Sitharaman announced that the Pradhanmantri Suryodaya Yojana aims to provide up to 300 units of free electricity every month to one crore families, leading to annual savings of up to Rs 18,000. PM Narendra Modi had introduced the initiative in January, emphasizing the installation of rooftop solar systems.
Sitharaman, in her interim Budget speech, highlighted the scheme's alignment with the Prime Minister's commitment made during the consecration of the Ram Mandir in Ayodhya.
The Finance Minister outlined the scheme's benefits, citing potential savings of Rs 15,000-18,000 annually for households through free solar electricity and surplus power sales to distribution companies.
Additionally, the program is expected to support electric vehicle charging, create entrepreneurship opportunities for vendors involved in supply and installation, and generate employment for youth skilled in manufacturing, installation, and maintenance.
Addressing India's commitment to achieving 'net-zero' by 2070, Sitharaman announced viability gap funding for harnessing offshore wind energy, targeting an initial capacity of 1 GW.
The Central Electricity Authority data revealed India's existing solar energy generation capacity exceeding 73 GW, wind energy capacity around 45 GW, large hydro capacity at 47 GW, biomass power/cogen capacity at approximately 10 GW, small hydro (up to 25 MW) at 5 GW, and waste-to-energy capacity at 583 MW. With a goal of 500 GW of renewable energy by 2030, aiming for 50% non-fossil fuel-based power generation, India's strides in renewable energy were emphasized in President Droupadi Murmu's recent address to Parliament.
Sitharaman mentioned a significant increase in non-fossil fuel-based energy capacity from 81 GW to 188 GW over the past decade, with India ranking among the top nations globally in solar and wind power capacity.
(With Inputs From PTI Agency)
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