The Government has been giving due encouragement to the renewable energy sector through a mix of fiscal and financial incentives that include capital/ interest subsidy, accelerated depreciation, nil/ concessional excise and customs duties.
Further, benefit under Section 80-1A of Income Tax Act 1961 is available to undertakings setup for the generation or generation and distribution of Renewable power in India. This apart, preferential tariff for grid interactive renewable power is being given in most potential States.
Avenues for cooperation in renewable energy sector are being explored with several countries that include, inter-alia, Brazil, Denmark, Germany, Japan, Iceland, Italy, Philippines, South Africa, Thailand and USA.
Renewable energy products are already being exported mainly in the wind energy, small hydro, solar and biomass energy sectors. The prospects for such exports are expected to only improve with rising global oil prices.
This information was given by the Minister of State for New And Renewable Energy, Shri Vilas Muttemwar, in a written reply to a question by Shri Shreegopal Vyas, Shri Balavant Alias Bal Apte and Shrimati Maya Singh in the Rajya Sabha today.