In a massive step toward clean energy and a self-reliant India, the Union Cabinet, led by Prime Minister Narendra Modi, has approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) with a huge budget of Rs 5,070 crore.
Under this new scheme, the government will install 5,000 Megawatts (MW) of floating solar panels on reservoirs, lakes, and industrial ponds across the country. Instead of using valuable agricultural land, these solar plants will float directly on water bodies. Even better, every project will come with battery energy storage systems that can store power for at least two hours. This means people will still get clean electricity even during peak hours when the sun is not shining.
To make this happen, the central government will give financial help of Rs 1 crore for every 1 MW of floating solar capacity successfully set up by developers. The scheme will run from FY 2026-27 to FY 2030-31. First, putting solar panels on water saves scarce land for farming and homes. Second, the cool water beneath helps the panels work better and produce more electricity. The government expects this historic initiative to cut down carbon emissions by nearly 10 million tonnes every year and generate around 17,000 green jobs across India.
