Key Messages

In a welcome move, the Interim Budget 2024 provides great impetus to the rooftop solar segment through the ‘Pradhanmantri Suryodaya Yojana’. Under this scheme, the current rooftop solar subsidy rate of 40 percent has been increased to 60 percent. Allocation for the solar power sector has seen an increase of 48 percent compared to the last year. At present, India has 11 GW of rooftop solar installations, but the major potential remains untapped. The new scheme with considerable increase in financial support for rooftop solar installations will offer a much-needed boost to the field.

While the scheme and simplified support mechanisms will provide momentum, trans-segmental cooperation within the ecosystem is essential for the successful implementation of the initiative.

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Trans-segmental cooperation is the key to implement the renewable energy initiatives announced in the Interim Budget 2024