India's Solar Growth Enters a New Era

The Government approved the Pradhan Mantri Surya Sarovar Yojana (PM‑SSY) on 31 July 2026, allocating ₹5,070 crore to develop 5,000 MW of floating solar photovoltaic (FSPV) projects with co‑located energy storage (minimum 10,000 MWh). The scheme, based on a National Institute of Solar Energy assessment, targets a floating solar potential of 102.18 GWp, aims to cut CO₂ emissions by about 10 million tonnes annually and generate 16,000–17,000 jobs, while promoting domestic manufacturing of floatation systems, PV modules and storage. It will raise India’s floating solar capacity from roughly 700 MW to 5,700 MW and help states manage peak demand, reducing pressure on land resources. The initiative aligns with India’s broader solar expansion, which saw installed capacity rise from ~3 GW in 2014 to 162.15 GW by June 2026 and added 44.61 GW of solar in FY 2025‑26.