India incentives to boost domestic solar industry |
With a focus on the increasing domestic power needs and promoting clean fuel in the country, India is looking at boosting domestic solar manufacturing in the country. The government is also looking at incentivizing the use of advanced technology, Union power, and renewable energy minister RK Singh said. This scheme will be built into the existing plans for the 5% interest subvention, the minister added. Speaking at an event organized by the Ministry of New and Renewable Energy and NITI Aayog, Minister RK Singh also said that despite a hiccup in the construction of projects due to COVID-19, new bids worth 12,000 MW have been finalized since March from both international as well as Indian players. This takes the total capacity of the projects currently in the pipeline to 20,000 MW. The government has been pushing domestic manufacturing of solar products as a part of the Atmanirbhar Bharat campaign to reduce its dependence on Chinese imports, where 80% of the solar equipment used in India is sourced from China. Along with a safeguard duty to prevent dumping, a permanent basic customs duty is also expected to be levied soon, which will provide a huge boost to domestic manufacturers in the country.
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