To make India a hub for renewable energy manufacturing, Ministry of New and Renewable Energy (MNRE) has been promoting private investment in renewable energy through an attractive mix of fiscal and financial incentives. This was stated by Sh. Piyush Goyal, Minister of state for Power, Coal & New and Renewable Energy (IC) in a written reply to a question in the Lok Sabha today. This includes capital subsidy through Modified Special Incentive Package Scheme (M-SIPS) and excise and custom duty exemption. The Government is encouraging participation from other countries by allowing 100% Foreign Direct Investment in Renewable Energy.
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