Budget 2019 An Industry ReView: “The Thrust For The Solar Segment, As A Key Driver Is Missing”

In CEO Speak, Electric Mobility, News, Opinions, Renewable Energy, Solar

While we appreciate the government’s focus on the reforms for the environment, the thrust for the solar segment, as a key driver for green energy, was missing from the budget 2019.

Government support is also needed for sustainable capacity installation and investments. Today the lack of support through subsidies on power, capital, interest, depreciation and incentives on exports are awaited to attract new investment in the sector.

The invitation to foreign PV manufacturers to set-shop in India, without prior stabilization of the domestic manufacturing market, is premature and may prove to be counterproductive for the demand in the sector.

The government has been indicating some changes in the solar segment for a while; however, we believe that there are critical gaps that need to be plugged.

Promoting and helping build the infrastructure is the need of the hour for India to realize its vision of ‘30% EV mobility by 2030’.

Further incentivising EVs and batteries will prove to be beneficial for both commercial and private EV owners. A reduction of GST on EVs from 12% to 5% is again a positive move. The additional income tax deduction of Rs 1.5 lakh on interest on loans taken to purchase electric vehicles is a bonus.

This is undoubtedly a pro-EV budget and will not only drive the adoption and manufacturing prowess of EVs but also contribute to the realization of the Government’s Smart Cities project. The mobility sector is expected to gain considerable momentum if the proposed schemes see the light of the day.”

A ‘Clean-Future Exclusive’ contributed by Shival Garg – Business Head, Patanjali Renewable

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