Anticipated Government Proposal: 0% Tax to Trigger Significant Drop in Solar Panel Prices:
In a significant move aimed at promoting renewable energy and boosting the solar industry, the government has announced the abolition of customs duty on raw materials for solar panel manufacturing. This decision, outlined in the finance bill, intended to incentivize the production and utilization of solar panels within the country. By eliminating customs duty on these essential raw materials, the government seeks to make solar panel manufacturing more cost-effective and accessible for businesses operating in this sector.
Furthermore, the exemption of customs duty extends not only to raw materials but also to machinery used in solar panel production and the necessary components for solar panel inverters. This comprehensive approach demonstrates the government’s commitment to supporting the entire supply chain of the solar industry. The goal is to attract investments, stimulate local production, and generate employment opportunities within the renewable energy sector.
For the upcoming financial year 2023-24, a substantial budget allocation of 14,460 billion rupees has been designate. This allocation highlights the government’s recognition of the significance of sustainable energy sources and its dedication to promoting clean and green technologies nationwide. By providing incentives for solar panel manufacturing through the removal of customs duty, the government aims to drive the widespread adoption of solar power and contribute to a more sustainable and environmentally friendly future.