Along with an interest subvention to boost domestic solar manufacturing in the country, the government of India is also looking at incentivizing the use of advanced technology, Union Power and Renewable Energy Minister RK Singh stated.
He also mentioned, "We have schemes in the anvil, and under those schemes, we will be giving interest subvention for people setting up manufacturing. I want to provide additional incentives for those using futuristic technologies".
This scheme will be built into the current plans for the 5 percent interest subvention, the minister added.
While speaking at an event organized by the Ministry of New and Renewable Energy and NITI Aayog, Singh also mentioned that despite a hiccup in the construction of projects due to COVID-19, new bids worth 12,000 MW were finalized since March from both international as well as Indian players. This marks the total capacity of the projects presently in the pipeline to 20,000 MW.
Singh further stated, "India will continue to be the fastest and largest growing market for the next twenty years".
The government has been pushing towards domestic manufacturing of solar products as a part of the Atmanirbhar Bharat campaign to lessen its dependence on Chinese imports, where 80 percent of the solar equipment used in India is obtained from.
Along with a precaution duty to prevent dumping, a permanent basic customs duty is also anticipated soon, which will offer a huge boost to domestic manufacturers in the country.