According to minister for new and renewable energy, India will soon launch an ambitious plan to boost its solar power generation from 3 MW to 20,000 MW by 2022.

Mr Farooq Abdullah told reporters that “The amount which we are going to talk about is huge. I can only say that much.”

Mr Abdullah said that the policy framework, known in official circles as "The National Solar Mission” will address the high cost of manufacturing solar panels as well as the high price of solar power.

He said that "Our job is to bring the costs down. Whether we are going to give concession on import duties, whether we are going to give a sizeable subsidy to purchase solar power, all will be outlined in the mission.”

A rough rule of thumb is that one megawatt of coal generating capacity costs about USD 1 million to build, while solar capacity costs roughly double that.

(Sourced from Economic Times)