Big boost to solar, wind energy
Updated: Jul 10, 2014 03:16:31pm
New Delhi, Jul 10 (KNN) To promote solar and wind energy, the government today announced a slew of measures for encouraging domestic manufacturing of the equipment required for renewable energy sources.
There is need to maximize our utilization of solar power, Finance Minister Arun Jaitley said.
The existing duty structure incentivizes imports rather than domestic manufacture of solar photovoltaic cells and modules, he added.
The government has proposed to exempt from basic customs duty -specified inputs for use in the manufacture of EVA sheets and back sheets; and flat copper wire for the manufacture of PV ribbons.
A concessional basic customs duty of 5 per cent is also being extended to machinery and equipment required for setting up of a project for solar energy production, the budget highlighted.
To promote wind energy, the Budget proposed to reduce the basic customs duty from 10 per cent to 5 per cent on forged steel rings used in the manufacture of bearings of wind operated electricity generators.
Also, it proposed to exempt the SAD of 4 per cent on parts and raw materials required for the manufacture of wind operated generators.
The Finance Minister also proposed to prescribe a concessional basic customs duty of 5 per cent on machinery and equipment required for setting up of compressed biogas plants (Bio-CNG).
To develop renewable sources of energy, the Union Budget proposes to exempt from excise duty:
• EVA sheets and solar back sheets and specified inputs used in their manufacture;
• Solar tempered glass used in the manufacture of solar photovoltaic cells and modules;
• Flat copper wire for the manufacture of PV ribbons for use in solar cells and modules;
• Machinery and equipment required for setting up of a project for solar energy production;
• Forged steel rings used in the manufacture of bearings of wind operated generators;
• Machinery and equipment required for setting up of compressed biogas plants (Bio-CNG). (KNN/SD)
There is need to maximize our utilization of solar power, Finance Minister Arun Jaitley said.
The existing duty structure incentivizes imports rather than domestic manufacture of solar photovoltaic cells and modules, he added.
The government has proposed to exempt from basic customs duty -specified inputs for use in the manufacture of EVA sheets and back sheets; and flat copper wire for the manufacture of PV ribbons.
A concessional basic customs duty of 5 per cent is also being extended to machinery and equipment required for setting up of a project for solar energy production, the budget highlighted.
To promote wind energy, the Budget proposed to reduce the basic customs duty from 10 per cent to 5 per cent on forged steel rings used in the manufacture of bearings of wind operated electricity generators.
Also, it proposed to exempt the SAD of 4 per cent on parts and raw materials required for the manufacture of wind operated generators.
The Finance Minister also proposed to prescribe a concessional basic customs duty of 5 per cent on machinery and equipment required for setting up of compressed biogas plants (Bio-CNG).
To develop renewable sources of energy, the Union Budget proposes to exempt from excise duty:
• EVA sheets and solar back sheets and specified inputs used in their manufacture;
• Solar tempered glass used in the manufacture of solar photovoltaic cells and modules;
• Flat copper wire for the manufacture of PV ribbons for use in solar cells and modules;
• Machinery and equipment required for setting up of a project for solar energy production;
• Forged steel rings used in the manufacture of bearings of wind operated generators;
• Machinery and equipment required for setting up of compressed biogas plants (Bio-CNG). (KNN/SD)
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