PVTIME – India’s 2026–27 federal budget, presented by Finance Minister Nirmala Sitharaman, provides a significant boost to the country’s PV sector. The Ministry of New and Renewable Energy (MNRE) has secured a total allocation of ₹329.1467 billion, which is a 24% increase on last year, with PV-specific funding rising by 32% to ₹305.3936 billion, up from ₹242.24 billion in the previous fiscal year.
The flagship PM Surya Ghar Muft Bijli Yojana (PMSGMBY) received the largest share: ₹220 billion, up from ₹200 billion. Launched in February 2024 with a total budget of ₹750.21 billion, the scheme aims to provide 300 units of free electricity per month to 10 million households and to install 30GW of residential PV; by December 2025, nearly 2.4 million households had installed systems totalling 7GW.
The PM-KUSUM agricultural PV scheme receives ₹50 billion, up sharply from ₹26 billion. Over 900,000 solar pumps have been installed and the target has been raised from 25.75GW to 30.8GW for completion by 31 March 2026. Grid-connected solar projects will receive ₹17.75 billion, while the National Green Hydrogen Mission will secure ₹6 billion.
In order to support domestic manufacturing, the basic customs duty (BCD) on sodium antimonate for PV glass, capital goods for lithium-ion batteries in battery energy storage systems (BESS) and imported goods for nuclear power plants has been exempted, thereby reducing production costs and improving the supply of raw materials.
Scan the QR code to follow PVTIME official account on Wechat for latest news on PV+ES
 has…){kind=link}