India's first solar power plan was approved recently, which pledged to boost output from zero to 20 GW by 2020, all in a bid to fight global warming.

Information and Broadcasting Minister Ambika Soni told reporters, "The cabinet gave its approval for launching of the Jawaharlal Nehru national solar mission, Solar India… and has given in principle approval."

The plan will see investing $19 billion into the India's solar industry, allowing the country to enter the competition with frontrunners like China. It will also improve India's position in the international talks for the U.N. climate talks in Copenhagen.

Money is to be put toward incentives for production and installation, along with R&D. Additionally, the plan will also offer financial incentives and tax holidays for utilities.

India's huge renewables potential will be unlocked with the help of this bid. Companies like Tata BP Solar, Bharat Heavy Electricals and Lanco Infratech could see a lot of benefit from this move.

[Via: Reuters]