Solar Industry Poised for Growth: Budget 2024-25 Highlights
Isun Group
Key Points for the Solar Sector The recent Indian budget announcement brings significant changes and opportunities for the solar industry. Here's an overview of the most impactful measures
Manufacturing and Import Policies:
Customs duty exemptions on machinery for solar cell and module production
Expanded list of duty-free materials for key components
Reduction in import duty on solar panels and cells from 20% to 15%
New 10% duty on imported solar glass and 5% on tinned copper interconnects (effective October 1, 2024)
Residential Solar Push:
Substantial allocation for the PM Suryaghar Muft Bijli Yojana scheme
Aims to provide 300 units of free electricity to 1 crore homes
Financial incentives for installing rooftop solar systems
Upcoming policy to promote pumped storage projects
Focus on integrating variable renewable energy into the grid
Tax Benefits:
GST exemptions for solar energy projects and equipment
Infrastructure and R&D:
Investment in solar parks and enhanced grid connectivity
R&D funding for modern nuclear reactors and other energy technologies
Technical support for the solar industry
Domestic Manufacturing Support:
Subsidies to boost local production of solar components
Strategic exemptions to promote self-reliance in certain areas
Climate Finance:
Plans to develop a taxonomy for climate finance
Aim to enhance capital availability for green projects
Consumer and Environmental Impact:
Potential for reduced electricity bills
Lower carbon footprints through increased solar adoption
