Renewable Energy Parks to be set up in India
On April 18, 2020, the Ministry of Renewable Energy has initiated big action to set up Renewable Manufacturing parks in India.
The Ministry of Renewable Energy initiated manufacturing hubs to meet domestic and global demands. In order to achieve this the central government has directed the states to identify land parcels between 50 acres and 500 acres to set up these parks. The states have been directed as land is a state subject.
The State Governments such as Odisha and Madhya Pradesh have already expressed their interests.
What is the plan?
The Central Government is to set renewable energy parks to set up facilities that will manufacture solar cells, silicon ingots, silicon wafers, steel frames, wind equipment, etc. Currently, India is importing 85% of its imports from abroad.
How will it benefit India?
This is the right time for India to introduce policy changes towards benefitting renewable energy manufacturing firms. This is because manufacturing firms are shifting their bases away from China and are searching for new opportunities.
Category: Economy & Banking Current Affairs