The ministry of new and renewable energy is planning to roll out the first draft of the Renewable Energy Bill within a month's time. This comes in light of the ambitious three-month timeline the ministry has given itself to finalise the legislation.
"A technical committee is working on it and they are likely to get back to us with the first draft of the legislation in 20-25 days. After that we will put it out for inviting suggestions and objections from all stakeholders including the state governments. I believe clarity in policy will help bring in much needed investment into the sector in India. This legislation will be complementary to the Electricity Act," said Upendra Tripathy, secretary, ministry of new and renewable energy.
The need for a separate act governing renewable energy was felt in light of the investment crunch the sector is facing owing to ambiguity in the governing policies.
Tripathy had been quoted by PTI earlier saying that the sector required an annual investment of $40 billion, $34 billion more than it currently managed.
According to a member of the inter-ministerial technical committee, which comprises industry bodies , the group has met once so far and a broad framework for the legislation has been put on the table.
"The committee met once on November 7. Another meeting will happen before the draft is ready to be put up on the website. However, no specific date has been finalised so far for that meeting," the member said.
On Tuesday, the government also signed an MoU with the US Exim Bank for cooperation in financing of renewable energy projects upto $1 billion and facilitation of export of goods and services of American origin for developments in the renewable energy space.