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Budget 2012: Little to cheer for renewable energy sector in India

According to reports, save for a few sops, the sunrise renewable energy sector had little to cheer from Finance Minister Pranab Mukherjee’s Budget.

One of those sops was an exemption from special countervailing duty that was made available for plant and equipment used in solar themal projects.

The budget also proposed to fully exempt a coating chemical used for compact fluorescent lamps from basic customs duty. Excise duty on LED lamps was also being reduced to 6 per cent. “Over the past two years lot of incentives have been offered to the renewable energy sector. Compared to that this budget has come as an disappointment,” said a Delhi-based analyst.

Ramesh Kymal, chairman and managing director of Games Wind Turbines, sounded disappointed. “There is nothing in offer for the renewable enegry sector. Also extension of fuel subisidy and coal realted incentives is negative for the renewable engery sector and energy security for India in the long run,” he said. India’s blueprint for renewable energy is grand and includes plans for 20GW of solar power by 2022.

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