The Union Cabinet has been approved an agreement with the Germany to expand bilateral co-operation in the field of solar energy between both countries. In this regard, The Union Cabinet has approved a MoU which was signed in October 2015 between both countries during Chancellor Angela Merkel’s visit to India. It was signed to expand bilateral development co-operation in the field of Solar Energy by increasing use of solar energy through technical & financial co-operation in India.
Under the agreement:
- Germany will provide concessional loans to India in the range of One billion Euros over the next 5 years till 2020.
- Concessional loans will be provided through Kreditanstalt fur Wiederaufbau (KfW), a German government owned development bank.
- The loan funds of KfW will be also utilized for providing soft loans to the end users through partner banks.
- The bilateral co-operation between the both countries will help India meet some part of its ambitious target generating 100 GW solar power generation capacity under the National Solar Mission (NSM) by 2022.
MoU for Capital Goods Sector:
- Union Cabinet also has approved MoU between India & Germany which has been signed for implementation of Make in India campaign for Capital Goods Sector.
- It was signed between the Department of Heavy Industries & Germany’s Fraunhofer Gesellschaft which is a leading organisation in Europe for applied industrial research.
- The objective of MoU is to provide platform to various PSUs and capital goods sector units in order to have easy access to capabilities and expertise of Fraunhofer.
- It would help for identifying & plugging technology gaps in Indian PSUs in line with 12th 5 Year Plan.
Union Cabinet has approves pacts with Germany for solar energy between both countries
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