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Govt Hikes Duty On Solar Invertors, Lamps; Holds Back BCD On Equipment In Budget
Solar power developers in the country had demanded that the government should hold back the imposition of BCD on solar equipment for the time being in the budget for 2021-22 beginning April.
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The government on Monday proposed to raise import duty on solar inverters and lanterns or lamps but did not go ahead with its plan to impose basic custom duty on solar equipment across the board to boost domestic manufacturing.
The Solar Power Developers Association had also urged the government to hold back its plan to impose basic custom duty (BCD) on solar equipment for time being in view of India s ambitious target of having 175GW of renewables by 2022, which include 100GW of solar.
Highlights: India unveils budget aimed at boosting pandemic-hit economy
02/01/2021 | 08:48am EDT
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NEW DELHI (Reuters) - Finance Minister Nirmala Sitharaman on Monday unveiled the budget for fiscal 2021-22, that aims to shore up an economy badly-hit by the novel coronavirus pandemic.
The economy is projected to contract 7.7% in the current fiscal year, although the government forecasts growth of 11% for the coming fiscal year, after a massive COVID-19 vaccination drive and a rebound in consumer demand and investments.
These are the highlights from Sitharaman s fiscal 2021-22 budget:
DEFICIT/GROWTH 2021/22 fiscal deficit seen at 6.8% of GDP 2025/26 fiscal deficit target set at 4.5% of GDP
Union Budget 2021: Here is Full Text of Nirmala Sitharaman s Address at the Parliament
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Introduction
Honourable Speaker, the preparation of this Budget was undertaken in circumstances like never before. We knew of calamities that have affected a country or a region within a country, but what we have endured with COVID-19 through 2020 is sui generis. RELATED NEWS
When I presented the Budget 2020-21, we could not have imagined that the global economy, already in throes of a slowdown, would be pushed into an unprecedented contraction.
We could not have also imagined then that our people as those in other countries would have to endure the loss of near and dear ones and suffer hardships brought about due to a health crisis.
BW Businessworld
Adani Green Arm Commissions 100 MW Solar Power Plant In Jalalabad
The AGEL’s Energy Network Operation Centre (ENOC) platform will also embrace these two commissioned solar power plants for delivering consistent performance.
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Adani Green Energy on Monday said that its arm ASE4PL has commissioned a 100 MW solar power project at Jalalabad in Uttar Pradesh. ASE4PL (Adani Solar Energy Four Private Ltd), a subsidiary of Adani Green Energy Ltd (AGEL), commissioned 100 MW (2x50 MW) Solar Power Plants at Jalalabad in Shahjahanpur district and Sahaswan in Budaun district of Uttar Pradesh, a company statement said.
COVID-19 vaccine
Sitharaman announced Rs 2,83,846 lakh crores for the health and wellness sector which will also include Rs 35,000 crores for COVID-19 vaccines and also said that she is committed to spending more if needed. This money will be used for the development and distribution of the vaccines. She said this amounts to a 137 percent increase in the health allocations from the previous FY.
The Finance Minister said that two new COVID-19 vaccines will soon be announced without making any mention of which ones. Currently, India has given restricted emergency use approvals to two vaccines - the indigenously made Covaxin made by Bharat Biotech and Oxford s Covishield manufactured by the Serum Institute of India.