In a significant move to promote renewable energy and boost the solar industry, the government has taken a step to abolish customs duty on raw materials for solar panel manufacturing. This development, outlined in the finance bill, aims to encourage the production and use of solar panels in the country. By removing customs duty on these essential raw materials, the government intends to make solar panel manufacturing more cost-effective and accessible for businesses.
The decision to waive customs duty also extends to solar panel machinery and raw materials required for solar panel inverters. This comprehensive approach demonstrates the government’s commitment to supporting the entire solar industry supply chain. The hope is that this measure will attract investments, spur local production, and create employment opportunities in the renewable energy sector.
The budget allocation for the upcoming financial year 2023-24 is set at a substantial 14,460 billion rupees. This signifies the government’s recognition of the importance of sustainable energy sources and their commitment to promoting clean and green technologies in the country. By incentivizing solar panel manufacturing through the elimination of customs duty, the government aims to drive the adoption of solar power and contribute to a more sustainable and environmentally friendly future.
