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India's Ministry of Finance recently announced production-related incentives to encourage companies
looking to manufacture solar PV modules and cells in India.
Incentives apply to India as well as foreign companies
looking to set up shop in India.
The Indian government will provide 45 billion rupees ($605 million) for solar PV modules and 1,810 billion rupees ($2.
4 billion) in subsidies for batteries
.
The Ministry of Finance will provide the approved amount to different ministries before paying it to the manufacturer
.
The plan is part of the government's master plan to promote self-sufficiency in key manufacturing industries and reduce dependence on
imports.
India is highly dependent on
Chinese imports in the energy and consumer goods sectors.
Not long ago, about 90% of the solar PV modules used in India were imported
from China.
To this end, the Indian government has imposed safeguard duties and anti-dumping duties to support Indian manufacturers
.
While this did lead to a decline in Chinese imports, Indian companies failed to take advantage of any significant advantages and increase their market share
.
The Indian government is currently seeking to impose tariffs
on solar cell imports from China, as well as solar modules.
Indian module manufacturers are also highly dependent on Chinese solar cells to produce modules
.
This is not the first time the Indian government has announced fiscal stimulus measures to boost and support the solar module industry
.
In fact, the government has been providing capital subsidies to manufacturers
for the past few years.
As the country looks to electrify the automotive industry and increase the share of storage in the renewable energy sector, incentives for battery manufacturing are becoming increasingly important
.
This production-related plan is similar to the one
that entices mobile phone manufacturers to supply Samsung and Apple with products to build factories in India.
Hopefully, incentives for batteries, as well as automakers, will also attract Tesla and other electric car makers into the Indian market
.
India's Ministry of Finance recently announced production-related incentives to encourage companies
looking to manufacture solar PV modules and cells in India.
Incentives apply to India as well as foreign companies
looking to set up shop in India.
The Indian government will provide 45 billion rupees ($605 million) for solar PV modules and 1,810 billion rupees ($2.
4 billion) in subsidies for batteries
.
The Ministry of Finance will provide the approved amount to different ministries before paying it to the manufacturer
.
The plan is part of the government's master plan to promote self-sufficiency in key manufacturing industries and reduce dependence on
imports.
India is highly dependent on
Chinese imports in the energy and consumer goods sectors.
Not long ago, about 90% of the solar PV modules used in India were imported
from China.
To this end, the Indian government has imposed safeguard duties and anti-dumping duties to support Indian manufacturers
.
While this did lead to a decline in Chinese imports, Indian companies failed to take advantage of any significant advantages and increase their market share
.
The Indian government is currently seeking to impose tariffs
on solar cell imports from China, as well as solar modules.
Indian module manufacturers are also highly dependent on Chinese solar cells to produce modules
.
This is not the first time the Indian government has announced fiscal stimulus measures to boost and support the solar module industry
.
In fact, the government has been providing capital subsidies to manufacturers
for the past few years.
As the country looks to electrify the automotive industry and increase the share of storage in the renewable energy sector, incentives for battery manufacturing are becoming increasingly important
.
This production-related plan is similar to the one
that entices mobile phone manufacturers to supply Samsung and Apple with products to build factories in India.
Hopefully, incentives for batteries, as well as automakers, will also attract Tesla and other electric car makers into the Indian market
.
