India has cut customs duty on a key wind turbine component and bio-diesel in its 2009-10 federal budget proposals.
Finance minister Pranab Mukherjee announced a reduction in the basic customs duty on permanent magnets, a critical component for wind-operated electricity generators, from 7.5 per cent to 5 per cent.
The minister also reduced customs duty on bio-diesel by 2.5 per cent from 7.5 per cent.
He also exempted blended fuels such as petrol or diesel mixed with ethanol or biodiesel from excise tax, which is levied on goods produced within the country. Till now, only biofuels were exempt from excise tax and not blended fuels.
He said it was important that the contribution of new and renewable energy sources of power was enhanced if the country had to successfully contain global warming and climate change.
He also announced that the government would finance the eight national missions under the National Action Plan on Climate Change.
The government had recently set up the National Ganga River Basin Authority. The minister said the "budgetary allocation under national river and lake conservation plans are being increased from Rs 335 crore in 2008-09 to Rs 562 crore in 2009-10".
The minister also allotted a special one-time grant of Rs 100 crore to the Indian Council of Forestry Research and Education, Dehradun, and Rs 15 crore each to Botanical Survey of India and Zoological Survey of India. An additional amount of Rs 15 crore was allocated for Geological Survey of India.
He extended tax benefits to green NGOs under the provisions of the Income Tax Act. The benefit will reach NGOs working for the preservation of environment, watersheds, forests and wildlife.
Finance minister Pranab Mukherjee announced a reduction in the basic customs duty on permanent magnets, a critical component for wind-operated electricity generators, from 7.5 per cent to 5 per cent.
The minister also reduced customs duty on bio-diesel by 2.5 per cent from 7.5 per cent.
He also exempted blended fuels such as petrol or diesel mixed with ethanol or biodiesel from excise tax, which is levied on goods produced within the country. Till now, only biofuels were exempt from excise tax and not blended fuels.
He said it was important that the contribution of new and renewable energy sources of power was enhanced if the country had to successfully contain global warming and climate change.
He also announced that the government would finance the eight national missions under the National Action Plan on Climate Change.
The government had recently set up the National Ganga River Basin Authority. The minister said the "budgetary allocation under national river and lake conservation plans are being increased from Rs 335 crore in 2008-09 to Rs 562 crore in 2009-10".
The minister also allotted a special one-time grant of Rs 100 crore to the Indian Council of Forestry Research and Education, Dehradun, and Rs 15 crore each to Botanical Survey of India and Zoological Survey of India. An additional amount of Rs 15 crore was allocated for Geological Survey of India.
He extended tax benefits to green NGOs under the provisions of the Income Tax Act. The benefit will reach NGOs working for the preservation of environment, watersheds, forests and wildlife.
No comments:
Post a Comment