0
0
New budget will jet set solar sector growth: Rajasthan Solar Association
1st Feb 2020, Delhi – Hon’ble Finance Minister Smt. Nirmala Sitharaman today presented the union budget 2020.
- Government is promoting KUSUM scheme by providing 20 Lakh stand-alone (off-grid) solar pumps as compared to 17.50 Lakh pumps; further another 15 Lakh solar grid-connected pump sets will be installed instead of 10 Lakh pumps declared earlier. In addition, a scheme to enable farmers to set up solar power generation capacity on their fallow/barren lands and to sell it to the grid would be put to reality.
- Highlighting the importance of solar, the minister added that a large solar capacity would be developed along the railway tracks on lands owned by the Indian Railways. The government aims to electrify 27,000 km of railway tracks.
- Rs 22, 000 Crore has been allocated for the power and renewable sector.
- For solar cells not assembled & assembled, the government will impose a basic customs duty of 20% when current effective safeguard duty is abolished in near future to promote “Make in India” manufacturing.
- To save the DISCOMs from financial stress-the government will promote smart metering. Finance Minister has directed that all the states and union territories to replace conventional energy meters by prepaid smart meters in the next three years. Also, this would give consumers the freedom to choose the supplier and rate as per their requirements,” Five new smart cities would also be developed in coordination with states on a public-private-partnership model.
- On expanding electric mobility, customs duty rates are being revised on electric vehicles.
- Turnover threshold for audit of MSMEs to be increased from Rs 1 Crore to Rs 5 Crore, to those businesses which carry out less than 5% of their business in cash.
- The finance minister has also proposed a 100% profit deduction for three years out of 10 years for start-ups with a turnover of up to 100 Crore.
- “As per our long time demand -to boost power generation, government has now extended the new corporate tax regime for new power generation companies. They will have to pay just 15 per cent tax as compared to 25% earlier under the new corporate tax regime. This move will bring solar generation companies at par with manufacturing companies. This is very positive budget and solar sector, farmers, common public and MSME will benefit a lot and will fuel India solar growth.” — Says Sunil Bansal, General Secretary, Rajasthan Solar Association
Sincerely Yours
Sunil Bansal-General Secretary
