Singh said in an interview that the Finance Ministry will issue an order imposing basic customs duty of 40% on modules and 25% on solar cells.
New Delhi (Natural Energy News): Power and Renewable Energy Minister Raj Kumar Singh said that there is a plan to impose new tariffs on imports of solar cells and modules from 1 April 2022 in India.
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Singh said in an interview that the Finance Ministry will issue an order imposing basic customs duty of 40% on modules and 25% on solar cells. Customs will replace the 15% safety duty that is being levied on imports from China and Malaysia.
Such a move would make solar cells and modules imported from China expensive and is being seen as part of an economic response to the violent confrontation with China on the Ladakh border. With leveraging its growing green energy market to boost manufacturing, India wants to play a larger role in global supply chains.
“Earlier we said that it will be implemented from next year. Singh said in an interview, from 2021 - the way we sent the trajectory.
While the budget did fix an enabling mechanism to impose a basic customs duty of 20% on cells and modules, the challenges related to adequate domestic production capacity and bidding clean energy projects based on low equipment costs would be treated. To rethink the plan. There was also a discussion about whether the duty would be in line with WTO rules.
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Solar equipment demand is affected by Chinese companies. The increase in imports prompted the government to impose a security duty from July 30, 2018, on solar cells and modules imported from China and Malaysia. The security fee expiring on 29 July was extended for one year.
Earlier, the Ministry of New and Renewable Energy was in favour of executing vital customs duties from 1 April 2021. As part of the plan, India was looking grandly at the previous bids, which were awarded by exempting electricity tariffs for projects. Prior to the basic customs levied to protect solar project developers. The plan was later abandoned.
Singh said that they will declare it immediately. Since they have developing capacity for modules, more BCD has been placed on solar module. On solar cells, we have a manufacturing capacity of only 2,000MW. Is our actual consumption. There is going to be progressive that will touch about 20-30GW per year. We will need it at the rate I am going. Therefore, the cells have to be imported as we manufacture only 2,000MW here. "
It will also help attract foreign companies searching for a China-plus-one strategy for production. India imported $ 2.16 billion costs of solar photovoltaic (PV) cells, panels and modules in the year 2018-19. “The market is here. We are the fastest growing market of solar equipment" said Singh.
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Over the last six years, ₹4.7 trillion has been invested in India's renewable energy space, with an expected opportunity of ₹1 trillion investment annually by 2030.
Prime Minister Narendra Modi has said that India's objective is to end the dependence on imports of all equipment. The government has come up with a production-led incentive scheme, offering manufacturers in 10 sectors, including those for high-efficiency solar modules, with a profit of ₹1.97 trillion.
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