Mr. Chandra Kishore Thakur, Global CEO, Sterling and Wilson Renewable Energy Group
“We feel that this budget has rightly prioritized India’s energy security, especially the increasing role of renewables towards fulfilling this objective over the long term.
The relief in customs duty for the import of sodium antimonate used in the manufacture of solar glass is a step in the right direction. This move will reduce input costs for solar panel manufacturers and thereby augment domestic solar equipment production, giving an impetus to the entire sector in terms of atmanirbharta.
The extending of basic customs duty exemption for capital goods used for manufacturing Lithium-Ion Cells for batteries, and to those used for manufacturing Lithium-Ion Cells for battery energy storage systems (BESS) is also a welcome decision. We must remember that BESS significantly enhances the viability of solar power by addressing its intermittency and enabling efficient energy management. BESS stores excess solar generation for use during low-production periods, thereby augmenting overall system reliability and economics in the solar industry.
With these new measures, we are certain that renewable energy will play a vital role in India’s sustainable development, powering economic growth while reducing dependence on imported fossil fuels.”