Before the Finance Minister Nirmala Sitharaman presents the Union Budget in the Parliament on February 1, 2021.
Here’s what the Solar industry expects from Finance Minister Nirmala Sitharaman:
Imaan Javan, Director of Operation, Suntuity REI:
“While the solar sector in India has shown a steady rise in the last couple of years, the upcoming Union Budget is crucial owing to the slowdown caused due to the pandemic. The industry requires a robust policy framework to aid financial support and incentivize domestic investments to make the sector cost-competitive. Also, we expect the government to introduce well – rounded financing mechanisms so that the rate of interest on solar projects by national banks is on par with those of developed nations.
Implementation of timely reimbursements and refunds of VAT and SGST will relieve the tax burden on the cost-intensive sector caused due to the introduction of GST law. In addition to this, corporates must also be educated about the benefits of the transition to sustainable energy. It is important that the Government re-looks at the FAME scheme and introduces policies and schemes to augur technological development on that front and equip developers to expedite the pace of advancement. With impetus from the Government, we can not just achieve the 100 GW solar power production targets by 2022 but also reach economies of scale and percolate the benefits to solar manufacturers helping India become a global hub to address solar power needs from across the world.”