India’s government initiatives in order to expand rooftop solar capacity resulted in a drastic increase in this segment. The striking evidence of this fact is that India’s rooftop capacity has grown more than 100 times from 2012 to 2018. The increase substantially owes to the Jawaharlal Nehru National Solar Mission (JNNSM, sometimes referred to as NSM). Sometimes, it is referred to as the world’s largest renewable program. Under the program, India aims to add 40 GW rooftop solar capacity till 31st December of 2022. It is closely one-fourth of the total capacity of the program, 175 GW.
According to Yahoo Finance, the formulation of favorable government policies, growing awareness about renewable energy sources among people, increasing investments, rising cost competitiveness and tax benefits are the major factors driving the industry.
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