New Delhi: The finance ministry's expenditure finance committee has approved a ₹5,500 crore floating solar battery storage scheme, officials said. The proposal will now be sent to the cabinet for approval.The scheme aims to incentivise stakeholders and states for installing floating solar panels to boost renewable energy across the country.The move comes amid rising uncertainty in energy supplies from West Asia due to the ongoing conflict, pushing India to accelerate its renewable energy plans and reduce reliance on fossil fuel imports. "The scheme has been cleared with an estimated expenditure of ₹5,500 crore, against ₹6,700 crore sought by the ministry (of new and renewable energy)," a senior official told ET, adding that the EFC has asked MNRE to tweak components of the incentive model.The official emphasised that the government is committed to achieving its renewable energy goals, and that all project proposals related to the sector will be given priority.Currently, generating floating solar power in India costs more than ground-mounted installations, according to estimates. Some states such as Madhya Pradesh, and Andhra Pradesh have installed a few of these projects, but the potential largely remains untapped. The government is of the view that floating solar can work well in states with large water bodies and reservoirs, serving as a sustainable alternative to land-based solar farms, particularly in regions where land is scarce or expensive. "We are thinking of introducing an incentive mechanism which will also ensure that renewable deployment at the grid scale also moves away from these regions to the rest of the country," Santosh Sarangi, secretary, MNRE said last week at an event.