New Delhi: Renewable Energy Ministry has suggested Finance Ministry that solar energy should be included in the priority sector norms of banks.
The suggestion was made by Renewable Energy Ministry in its memorandum to Finance Minister Arun Jaitley who is scheduled to present the Budget on February 28.
"The solar energy sector is facing fund shortage due to payment risk perceived by lenders... there is a case for according priority sector status to renewable energy sector," an official said.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
He further said that renewable energy, which is the priority sector for the government, needs to be given special attention in the forthcoming Budget.
Earlier, Power Minister Piyush Goyal had said that the Renewable Energy Ministry has asked Mr Jaitley to come out with 'innovative financing models' in the upcoming Budget to help the sector attract overseas funds, while amending the inverted duty structure.
The country's renewable energy sector is looking at attracting $200 billion in investments.
The government aims to have 1,00,000 MW of installed solar power capacity by 2022 from around 3,000 MW presently.
It is also looking at rooftop solar model.
Mr Goyal had also yesterday said efforts are on to create a federation of 50 solar power-rich nations and make India the world's renewable energy capital.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
