Indian Power Minister R K Singh Announces Exemption for Solar Projects from ALMM Scheme for Next 2 Years
The Indian Power Minister, R K Singh, has announced that solar projects in the country will be exempt from the Advance License for Mandatory Metals (ALMM) scheme for the next two years.
February 13, 2023. By News Bureau
The ALMM scheme requires companies to set aside a portion of the metal they produce for export in order to boost domestic production.
However, the power minister has stated that the solar sector will be exempt from this requirement due to the 'special circumstances' surrounding renewable energy development in India.
The exemption is expected to provide a significant boost to the country's solar industry and help it to reach its ambitious target of generating 100 GW of solar power by 2022.
According to a statement from the power minister, the exemption from the ALMM scheme will help to reduce the cost of solar projects and make them more affordable for Indian consumers. It will also encourage investment in the sector, as companies will be able to source the necessary materials for their projects without facing additional costs.
The solar industry in India has seen tremendous growth in recent years, with a number of large-scale projects being developed across the country.
However, the industry has faced a number of challenges, including a lack of access to financing and the high cost of materials. The exemption from the ALMM scheme is expected to address some of these challenges and help to further drive the growth of the sector.
Overall, the power minister's announcement has been met with widespread approval by the solar industry, and it is expected to have a positive impact on the sector over the next two years.
The government's commitment to promoting the development of renewable energy in India is a significant step forward in the country's efforts to transition to a more sustainable and environmentally friendly energy mix.
please contact: contact@energetica-india.net.
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