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GOVERNMENT POLICIES AND SCHEMES - August 2026

Aug 2026

Aug 03, 2026

Cabinet approves Pradhan Mantri Surya Sarovar Yojana to boost floating solar

The Union Cabinet approved the Pradhan Mantri Surya Sarovar Yojana in July 2026, a major push to expand solar power capacity using water bodies. The scheme targets the development of 5,000 megawatt of floating solar photovoltaic projects, paired with energy storage systems with a minimum two-hour capacity. By situating panels on reservoirs and industrial ponds, the program aims to reduce land use pressures and integrate renewable energy with storage to support grid stability. Officials say the initiative will foster local manufacturing, create jobs, and help meet national clean energy goals while promoting water-anchored generation in drought-prone regions across multiple states.
  • Scheme approved in July 2026; target is 5,000 MW of floating solar.
  • Projects include at least 2 hours of energy storage.
  • Panels placed on reservoirs and industrial ponds to save land.
  • Aims to boost manufacturing, jobs, and grid readiness.

Aug 02, 2026

Maldives Favara Linked with India’s UPI for Cross-Border Payments

Maldives’ instant payment system Favara was integrated with India’s Unified Payments Interface (UPI) for cross-border transfers, enabling real-time person-to-person payments between residents of India and the Maldives. The linkage initially covers customers of Bank of Maldives and Maldives Islamic Bank, with transfers possible in Maldivian Rufiyaa or US dollars and settled in Indian rupees. Banks and payment service providers will facilitate these transactions, offering faster remittance options for families, tourism-related payments, and business settlements. Officials anticipate increased financial inclusion and smoother trade as digital payments gain traction in the region. Regulators in both nations support interoperable payment rails to boost regional connectivity.
  • Cross-border UPI linkage with Favara launched.
  • Initial beneficiaries: Bank of Maldives and Maldives Islamic Bank.
  • Transfers in MVR or USD; settled in INR.
  • Aims to boost remittances, tourism payments, and trade.
  • Regulators advocate interoperable regional payment rails.

Cabinet Approves Samudra Manthan Scheme to Boost Offshore Exploration

The Union Cabinet approved the Samudra Manthan – National Offshore Exploration Scheme, with an outlay of ₹84,084 crore. The programme aims to accelerate oil and gas exploration in India’s deepwater and ultra-deepwater offshore basins. It will fund seismic surveys, exploratory drilling, and the development of offshore infrastructure such as platforms, pipelines, and storage facilities. The scheme seeks to strengthen domestic energy security by expanding the mapping of underexplored offshore blocks and improving recovery from existing fields. By supporting new discoveries and faster monetisation, officials say the plan could help reduce dependence on imports and boost energy-related industries. The initiative aligns with national energy policies and long-term strategic goals.
  • Union Cabinet approved Samudra Manthan – National Offshore Exploration Scheme.
  • Outlay fixed at ₹84,084 crore.
  • Aims to accelerate deepwater and ultra-deepwater exploration.
  • Funds seismic surveys, drilling, and offshore infrastructure development.
  • Intends to reduce energy imports and strengthen domestic energy security.
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