Year: 2020 | Month: December | Volume 13 | Issue 4
Growth and Feasibility of Solar Irrigation Pump in Rajasthan, India: An Economic Perspective
DOI:10.30954/0974-1712.04.2020.11
Abstract:
Agriculture plays an important role in the Indian economy. The agriculture sector has seen consistent and significant growth in terms of technology and innovation, which has helped India to become a food exporter. However, past initiatives focussed on improving production and environmental aspect were neglected. Now, government is formulating policies and initiatives that would help in increasing agriculture production along with sustainable development. Promotion of solar irrigation pump is among one of those policies. Provision of heavy subsidies and schemes (JNNSM, KUSUM, etc.) on the adoption of solar pumps have increased their affordability. Because of the increased affordability of solar pumps after subsidies, the popularity of solar pumps has increased in Rajasthan, which has resulted in an increased rate of adoption. Considering the role of solar pumps in current scenario and that of future, this study was conducted to analyze the economic viability and costs incurred in solar pump installation. Payback period, NPV, BCR, and IRR were used in the analysis.
- Following study tries to estimate the time it will take to recover the investment made on a 7.5 HP solar pump.
- Rate of growth of solar irrigation pump in the last eight years.
- Economic feasibility of installing solar irrigation pump.
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