The Union Budget 2010 has been in favor of Renewable Energy Sector by the increase of 61% in energy sector. The government assurance to promote the vary source of energy has been proved by the budget of 2010. The renewable energy budget has been increased by Rs. 380 cr. i.e. 61% increase in the budget. The budget of energy sector has been raised to Rs.1000 cr. from Rs. 620 cr.
On presenting the budget 2010, Finance Minister Pranab Mukherjee has intended to offer five percent dispensation on excise duty on the equipment required for the primary set up of solar thermal power generating units.
He also added full exemption from central excise duty has been provided to electric cars and vehicles that offer an eco-friendly alternative to petrol or diesel vehicles.
He also mentioned that the manufacturers of such vehicles have articulated complexity in neutralizing the duty paid on their inputs and components. On this, Mr. Mukherjee proposed a remedy by imposing a nominal duty of four percent on such vehicles.
At least 1,000 solar rickshaws will be deployed to ferry over 7,000 athletes and their delegates during the Commonwealth Games later this year. These rickshaws are the greenest transport vehicles and help the cause of Green Games as promised by the Delhi government. There is also a concession of 4% on excise duty battery that runs solar rickshaws.
In addition to the budget, the finance minister has also introduced a major reduction in percentage of central excise duty from 8% to 4% on Led Lights, which is extremely energy efficient source of lighting for streets, homes and offices.
Source: The Economic Times
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