Thursday, Apr 25 2024 | Time 14:20 Hrs(IST)
image
Business EconomyPosted at: Jan 10 2016 8:39AM


MNRE to rope in SBI for disbursal of capital subsidy for roof-top solar projects

New Delhi, Jan 10 ( UNI) The Government has decided to rope in State Bank of India to facilitate disbursal of 30 per cent capital subsidy applicable for implementation of roof-top solar power projects under the National Solar Mission.
The Ministry of New and Renewable Energy and SBI are expected to sign a memorandum of understanding to this effect shortly, a senior government official said.
The MNRE will keep the subsidy money with SBI. Developers who approach SBI for loans can also claim subsidy amount from the bank.
“We have written a letter to the SBI for routing roof-top solar subsidy through them,” Tarun Kapoor, Joint Secretary, MNRE, told UNI, adding, an MoU may be signed in a fortnight.
This will be an additional mechanism for routing the subsidy for roof-top projects. Currently, subsidy for roof-top projects is provided through state governments, Solar Corporation of India and PSUs.
“SBI has reach throughout the country and so subsidy disbursements through it will yield better results as end customers will have easy access to this Government incentive,” said Jasmeet Khurana, Associate Director, Consulting, Bridge to India, a leading solar focused consulting firm.
Mr Khurana, in fact, suggested that more banks be roped in for disbursing the subsidy.
The NDA government has increased capacity addition under the national solar mission from 20,000 MW to 1 lakh MW. Of the total capacity addition targeted by the Government, 40,000 MW will be based on roof-top solar projects.
The Union Cabinet recently approved Rs 5,000 crore subsidy which will be enough for funding 4,200 MW roof-top solar projects.
The capital subsidy of 30 per cent will be provided for general category States/UTs and 70 per cent for special category States that is, North-Eastern States including Sikkim, Uttarakhand, Himachal Pradesh, Jammu & Kashmir and Lakshadweep, Andaman & Nicobar Islands.
There will be no subsidy for commercial and industrial establishments in the private sector since they are eligible for other benefits such as accelerated depreciation, custom duty concessions, excise duty exemptions and tax holiday.
UNI NM SV 0838
Please log in to get detailed story.
Tags: #MNRE to rope in SBI for disbursal of capital subsidy for roof-top solar projects
More News
Tata Motors accelerates innovation: record 222 patents filed and 333 grants secured in FY24

Tata Motors accelerates innovation: record 222 patents filed and 333 grants secured in FY24

25 Apr 2024 | 1:10 PM

Hyderabad, Apr 25 (UNI) Part of the USD 150 billion Tata group, Tata Motors Limited, India’s leading automobile company, has yet again achieved a significant milestone towards intellectual property rights (IPR) creation with a record-breaking number of 222 Patents and 117 designs applications filed during the year FY24, highest in its history.

see more..

RITES collaborates with DVC for rail infra works

25 Apr 2024 | 1:05 PM

Mumbai, April 25 (UNI) RITES Ltd., a prime transport infrastructure consultancy on Thursday said that it has signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power, to collaborate for Project Management Consultancy for rail infra works.

see more..

JioCinema to redefine subscription market with launch of Premium Plans

25 Apr 2024 | 12:42 PM

Mumbai, April 25 (UNI) JioCinema, the video streaming platform of Reliance Industries, has rolled out new subscription plans, JioCinema Premium, which will include ad-free content across languages, including original series, movies, children's shows, and TV entertainment on any device, including connected TV sets, for Rs 29 a month.

see more..
Rupee falls 6 paise against USD

Rupee falls 6 paise against USD

25 Apr 2024 | 12:15 PM

Mumbai, April 25 (UNI) The Rupee on Thursday declined 6 paise at 83.38 against USD in opening session on rising demand for US Dollar by bankers and importers, dealers at the Foreign Exchange said.

see more..
Sensex up 78 points

Sensex up 78 points

25 Apr 2024 | 12:05 PM

Mumbai, April 25 (UNI) The BSE Sensex remained positive for the fifth day in a row on Thursday, advancing 78 points at 73,931.88 in opening session following gains in Financial services, Health Care and Industrials stocks.

see more..
image