India proposes 25% safeguard duty on Chinese, Malaysian solar cells - Hindustan Times
close_game
close_game

India proposes 25% safeguard duty on Chinese, Malaysian solar cells

Bloomberg | ByAnindya Upadhyay
Jul 17, 2018 01:15 PM IST

India, the largest importer of Chinese solar equipment, first proposed a 70% safeguard duty in January to protect its local industry.

India has recommended imposing a 25% safeguard duty on solar cells from China and Malaysia, saying the overseas supplies have caused or threatened “serious injury” to domestic manufacturers.

Under the proposed plan, the safeguard duty would be applicable for two years, India’s Directorate General of Trade Remedies, a unit of of the commerce ministry, said in the conclusion of its findings posted on its website Monday.(AFP Photo)
Under the proposed plan, the safeguard duty would be applicable for two years, India’s Directorate General of Trade Remedies, a unit of of the commerce ministry, said in the conclusion of its findings posted on its website Monday.(AFP Photo)

Under the proposed plan, the safeguard duty would be applicable for two years, India’s Directorate General of Trade Remedies, a unit of of the commerce ministry, said in the conclusion of its findings posted on its website Monday. The tariff would be lowered to 20% for the first half of the second year and 15% for the second half.

“Imposition of safeguard duty in this case would be in public interest because it will prevent complete erosion of manufacturing base of solar industry in the country,” the DGTR said in the recommendation.

India, the largest importer of Chinese solar equipment, first proposed a 70% safeguard duty in January to protect its local industry. Solar project developers, who rely on overseas components, have countered that the move would jeopardize the nation’s plans to boost its use of renewable energy.

The Ministry of New & Renewable Energy estimated last year that India’s annual solar cell manufacturing capacity of 3 gigawatts means the country can only meet 15% of its annual 20 gigawatts of installations required to meet government targets.

Elevate your career with VIT’s MBA programme that has been designed by its acclaimed faculty & stands out as a beacon for working professionals. Explore now!

See more

Catch every big news on Union Budget 2024, Nirmala Sitharaman's announcements, income tax changes Economic Survey 2024 Live, Budget 2024 Live and much more on a one stop destination.

SHARE THIS ARTICLE ON
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Monday, July 22, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On