New Delhi, Aug 21 (UNI) New and Renewable Energy Minister Vilas Muttemwar today called upon the business community to avail itself of financial and fiscal incentives to develop renewable energy and help the country achieve the target of 14 gigawatts (GW) in the 11th Five year Plan.
Inaugurating a three-day Renewable Energy India 2008 Expo, International Exhibition and Conference here, the Minister assured that concessional import duty on certain components, excise duty exemption and 10-year tax holiday on income generated from wind power projects will continue to be extended to the private players.
Mr Muttemwar said his Ministry is planning to make solar power affordable through incentivising its generation and research and development activities.
The Minister informed that 8,700 unelectrified villages have been provided renewable energy under Rajiv Gandhi Gramin Vidyutikaran Yojana.
New and Renewable Energy Secretary Deepak Gupta said global warming is a real and significant threat to the health, economy and environment.
He said energy conservation and development of alternative sustainable energy resources such as wind and solar power represent crucial investments in the future.
The Secretary said wind energy is most advanced with a large installed capacity worldwide while bio-fuels like ethanol and bio diesel hold promise.
He further informed that India has wind installations of 8,757 MW, which is third largest in the world that includes both onshore and offshore locations.
About solar energy, he said the government's move to offer fiscal incentives to solar cell and photovoltaic (PV) manufacturers coupled with surge in global demand for renewable energy resources has triggered domestic and multi-national companies to set up shop in India.
Regarding hydropower potential, he added that India has 5th rank in the world and yet it has developed less than 25 per cent of its full potential.
UNI MP SBA CS1700