Wind energy industry calls for restoration of accelerated depreciation

Wind energy industry calls for restoration of accelerated depreciation
Wind Turbine Manufacturers Association has submitted pre-budget memorandum to the Ministry of Finance and recommended to reinstate the accelerated depreciation for wind energy sector
The Indian Wind Turbine Manufacturers Association (IWTMA) has appealed the central government to continue with the accelerated depreciation (AD) as an incentive for the wind energy sector. D. V. Giri, Secretary General, IWTMA, recently submitted the pre-budget memorandum for the Union Budget 2013-2014 to the Joint Secretary, Tax Research Unit of the Department of Revenue under the Ministry of Finance.
In the memorandum, the association has stated that the wind sector has been severely hit post March 31, 2012 after the discontinuation of the AD, which has reflected in capacity addition during the first half of the year. As the incentive tool is offered to other renewable energy, the memorandum has requested the ministry to reinstate the AD for wind energy sector.The wind energy industry has also requested the government to waive the uniform customs duty of 5 per cent for components used for wind energy generation. In its memorandum, the sector has also demanded inclusion of wind energy project under the priority lending category for fast implementation of projects. The association has brought up the necessity of lowering the interest rate and longer tenure of lending for wind sector.
IWTMA has also highlighted a series of concerns to be addressed through the Union Budget 2013-2014:

Advertising