Shakti Pumps (India) on Sunday said it is planning business expansion next year as the company eyes a bigger share in the Centre’s PM-KUSUM scheme of solar water pumps.
Under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), launched in February 2019, both Centre and states provide subsidy to farmers for installation of solar pumps. It is being implemented through tendering in phases.
Speaking to PTI, Shakti Pumps Chairman and Managing Director Dinesh Patidar said: “The scheme has great potential as diesel pumps are unviable for farmers and electric pumps have limitations. We expect to supply more pumps under the scheme. We are looking at expanding our capacity next year.”
The investment will be made on working capital and capacity expansion. The investment amount, however, will be decided next year, he added.
Patidar further said the PM-KUSUM scheme is doing well as in the first year of the implementation, 50,000 solar agricultural pumps were installed across the country against a target of 1 lakh set for the 2020-21 fiscal.
“We installed 15,000 solar pumps under the scheme. We are expecting more demand in the coming years as awareness about the scheme grows.”