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Prime Minister Narendra Modi recently announced the Pradhan Mantri Suryoday Yojana, an initiative aimed at installing rooftop solar panels on one crore households across India. This announcement, made on the auspicious occasion of “Ram Lalla Pran Pratishtha” ceremony in Ayodhya, reflects the Prime Minister’s vision for every Indian home to have its own solar rooftop system. The initiative is a step towards reducing electricity bills for the poor and the middle class while fostering self reliance in the energy sector.
Returning from the historic Ayodhya Ram Mandir ceremony, PM Modi emphasized the importance of the Pradhanmantri Suryodaya Yojana in utilizing solar energy for electricity generation. The goal is to install rooftop solar panels on one crore houses providing not only economic benefits but also contributing to India’s self sufficiency in energy. Prime Minister highlighted that this initiative aligns with the nation’s commitment to promoting clean and sustainable energy sources.
Government Initiatives towards Solar Sector
The context of this announcement is rooted in the government’s broader efforts, as seen in the earlier launch of the Rooftop Solar Programme in 2014. The program aimed to achieve a cumulative installed capacity of 40 gigawatts (GW) by 2022. As of December 2023, India has made progress in solar power, with approximately 73.31 GW installed capacity. The focus on rooftop solar, currently at 11.08 GW, aligns with the government’s commitment to encouraging decentralized energy generation.
In addition to reducing electricity bills for households, Pradhan Mantri Suryoday Yojana contributes to India’s larger goal of becoming self-reliant in the energy sector. The initiative builds on existing schemes such as the National Rooftop Scheme providing financial assistance for solar rooftop projects. Overall, this forward looking initiative highlights the government’s commitment to sustainable and affordable energy solutions for the people of India.
Indian government has upped its support for solar power in the 2023-2024 Union Budget. They’ve increased funds for the Ministry of New and Renewable Energy by 48%, from ₹7,033 crore to ₹10,222 crore.
Top Best Solar Energy Stocks in India 2024
Here is a list of the top energy stocks to invest in India, with returns as of January 26, 2024
| Company Name | 1 Year Return |
|---|---|
Borosil Renewables | 33.68% |
Suzlon Energy | 366.48% |
Adani Green Energy Ltd | 11.89% |
KPI Green Energy | 256.48% |
Urja Global | 160.99% |
Tata Power | 80.87% |
REC | 308.16% |
NHPC | 92.48% |
NTPC | 89.27% |
IREDA | 183.00% |
Power Grid Corporation of India Ltd | 49.36% |
Waaree Renewable Technologies | 569.59% |
Sterling and Wilson Renewable Energy | 113.14% |
Websol Energy System | 259.98% |
Surana Solar | 103.30% |
Gensol Engineering | 160.53% |
WAA Solar | 299.00% |
Gita Renewable Energy | 143.00% |
Final Words
Pradhan Mantri Suryoday Yojana, India is witnessing a solar revolution. The initiative, aiming for rooftop solar panels on one crore households, not only promotes sustainable energy but aligns with the goal of energy self reliance.
The market has responded positively, with solar stocks soaring post-announcement. Companies like Borosil Renewables and Adani Green Energy are particularly gaining investor attention. The government’s increased budget for renewable energy further cements India’s commitment to a green future.
As we move through 2024, the impact of Suryoday Yojana on the stock market is a testament to India’s strides in clean energy. The initiative not only cuts electricity bills but also positions the nation as a global leader in renewables. Suryoday Yojana is a catalyst for change, propelling India towards a greener, self sufficient future.
