From pv magazine India
Indian Minister of Power RK Singh said this week that the ministry has received expressions of intent to set up 20 GW of domestic PV cell and module manufacturing capacity in the country.
He said the interest in establishing new fabs was independent of plans to subsidize borrowing rates on capital loans through an ‘interest subvention’ scheme planned by the Ministry of New and Renewable Energy (MNRE).
Singh spoke at the India PV Edge 2020 online event this week, organized by government think tank NITI Aayog, the MNRE, and Invest India.
The intervention planned by the MNRE to offset high borrowing costs would reduce interest rates for capital expenditure related to solar cell and wafer production. The program would run alongside customs duties, which are applied to solar imports.
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