R K Singh, Minister of State (IC) for Power and New & Renewable Energy and MoS, Skill Development and Entrepreneurship, Govt of India has said that the Ministry may consider to extend the ISTS waiver for renewable energy projects by at least 6 months. Addressing CEOs Interactive Session organized by FICCI Renewable Energy CEOs Council and FICCI Power Committee, Singh said that power generation will have to be doubled. He urged the industry to start adding capacity without waiting for bids to come out as RPO penalty will be made more stringent.
The government is looking towards strengthening the local manufacturing units for solar instead of depending on neighbouring countries, he added. Alluding to reforms in the sector, Singh said that amendments in the Electricity Act are essential to make the sector viable and sustainable. The Minister urged the industry to communicate the importance of these reforms. He added that the sanctity of contracts have to be maintained and this applies to all parties involved, failing to do so will result in blacklisting of companies.