Mr. Chandra Kishore Thakur, CEO – Asia, Africa, LATAM & Europe, Sterling and Wilson Renewable Energy said “The Solar Power sector holds high expectations from the upcoming Union Government budget to support and accelerate the growth of renewable energy in India. Key areas of focus include the development of large-scale solar parks and ultra-mega solar power projects, necessitating streamlined approval processes and a single-window clearance system to simplify land acquisition. Access to low-cost finance is crucial, and we hope the government introduces or enhances low-interest loans and financing schemes to aid Solar Power Developers and EPC Contractors. Accelerated grid integration, with a focus on enhancing Substations and Transmission line capacities is vital to match the renewable power capacity addition plan of 500 GW by 2030. It will also ensure grid stability with the inclusion of energy storage capacity. Tax rationalization, such as reducing GST on solar components and BCD on PV modules and cells, will be instrumental in ensuring the availability of essential modules until domestic supplies are sufficient. Promoting public-private partnerships (PPPs) will help combine resources and expertise to boost the development and execution of solar projects. Another pertinent factor is the enhancement of manufacturing capacity for critical equipment like transformers, inverters, and HT panels. This will help in bridging the demand and supply gap. We advocate for capital subsidies and tax breaks to reduce the cost of setting up manufacturing facilities in India. Furthermore, extending the ALMM deadline is essential until domestic manufacturing capacity can meet volume and quality requirements. Overall, we believe that these measures will significantly contribute to the rapid and sustainable growth of the solar power sector in India.”
