India sets aside Rs 50 Billion for Solar Rooftop Panels
India has set aside Rs 50 billion for the setting up of rooftop panels through the coming five years. This is going to generate about 4200 megawatts of power.
There was an increase in the funding by the cabinet from Rs 6 billion to encourage households, government bodies, hospitals and educational institutions for installation of rooftop solar panels. However, private companies cannot claim this subsidy. The Indian government is targetting to generate 100,000 MW electricity through the solar panels by 2022 in order to combat severe power shortage.
Their has also been a signed agreement between India and Maldives for curbing tax evasion. This will be carried out by not allowing illicit monies to be taken out of the country. The funds are generally hidden in other countries for avoiding local taxes. The cabinet has also agreed to a proposal for floating joint venture companies. Federal railways and state governments will tie up to boost India’s dilapidated rail network.