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(Bloomberg) — India will continue to offer the existing tax waivers for imports of nuclear power equipment until 2035, regardless of the size of the projects, Finance Minister Nirmala Sitharaman said in her budget speech on Sunday.
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The exemptions on basic customs duty, or import tax, come as the nation renewed its support for the industry, with an ambitious target to reach 100 gigawatts of nuclear power generation capacity by 2047, an eleven-fold jump from now.
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The budget proposal complements the landmark reforms India announced in December. A new nuclear law spares equipment suppliers from the burden of accident liability, also allowing private firms to engage with atomic power generation, previously a preserve of state entities. India’s drive for nuclear echoes a global push for a technology that’s seen as a low-carbon pathway for around-the-clock electricity.
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The nation will offer import tax exemptions on overseas purchase of machinery for making lithium-ion battery cells for energy storage systems. It will also offer an exemption for the import of sodium antimonate, used in making the glass for solar panels, Sitharaman said.
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Local manufacturing of clean energy gear is among the government’s top priorities to help the economy reduce its dependence on imports. While the nation has made progress by rapidly adding solar modules capacity, it still remains heavily dependent on imports for upstream solar components and battery cells.
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“Something as specific as easing the cost of solar glass inputs may sound technical, but it directly shapes project economics and the competitiveness of domestic supply chains,” Sanjay Gupta, chief executive officer at Apollo Green Energy Ltd. said in an emailed note.
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