India Approves ₹5,070 Crore Floating Solar Power Scheme

The Union Cabinet, chaired by Prime Minister Narendra Modi, approved the Pradhan Mantri Surya Sarovar Yojana (PM-SSY) on July 31, 2026. The initiative allocates ₹5,070 crore to establish 5,000 MW of Floating Solar Photovoltaic (FSPV) capacity across all Indian states and Union Territories, a seven-fold increase over the existing 700 MW capacity.

To maintain grid reliability, the projects must incorporate co-located Energy Storage Systems providing at least two hours of storage, totaling 10,000 MWh. The government will provide Central Financial Assistance of ₹1 crore per MW upon commissioning and up to ₹50 lakh for feasibility studies. Projects are scheduled for sanction between FY 2026-27 and FY 2030-31, with disbursements extending through FY 2032-33. The program aims to create 16,000 to 17,000 jobs and reduce annual carbon dioxide emissions by 10 million tonnes.

Parallel to these large-scale efforts, decentralized solar adoption is progressing in Tripura. The state recently surpassed a 15 MW cumulative installed capacity milestone for rooftop solar systems under the PM Surya Ghar: Muft Bijli Yojana. As of July 27, 2026, 4,460 households completed installations, with 3,853 consumers receiving subsidies exceeding ₹32.52 crore.