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Budget 2022: Industry Reactions

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Budget 2022-23 looks to lay down the foundation of country’s commitment towards low-carbon and clean energy development strategy. From additional allocation in PLI scheme, supporting incentives for green bonds, solar funding, focusing on electric mobility to energy efficiency. The Budget looks to provide the framework for inclusive growth of the sector.

Let’s see what does the industry feel about the budget?

This budget has rightly focused on infrastructure, which is critical to drive growth in both the short and longer term. The Finance Minister deserves kudos for laying the groundwork for continuing the economy’s robust recovery from the pandemic effect and that, too, with a climate-friendly focus. The push towards infrastructure creation, digitisation, clean energy, financial access, and inclusive development were big highlights of a growth-focused budget. The far-sighted move to rationalize import duties for specific sectors such as capital goods, supported by PLI for critical sectors, will help Make In India in the long term, creating many more jobs. Smt. Nirmala Sitharaman under the guidance of the honorable Prime Minister has done her part; now execution will be crucial.

Sumant Sinha – Chairman and CEO, ReNew Power


“Absolutely thrilled to see zero fossil fuel policy, Battery swapping policy and focus on charging infrastructure for EV ecosystem will help accelerate
our transition towards sustainable energy and a greener tomorrow.

The increase in BCD on Solar cells from 20% to 25% and solar panels from 20% to 40% will help the Indian Solar manufacturing sector with more focus on Make In India.

I also appreciate and welcome the move by the Govt for an additional allocation of Rs 19,500 Cr for PLI for manufacturing of high-efficiency modules with priority to fully integrate manufacturing units to solar PV modules will be made it will facilitate domestic manufacturing for the ambitious goal of 280 GW of installed solar capacity by 2030.”

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Simarpreet Singh, Director, Hartek Group


“Budget 2022 announced increase in PLI outlay to help boost manufacturing; this is a good first step towards strengthening domestic solar manufacturing. The single window portal for all green clearances and tracking is another good initiative.

On the flipside, more clarity on the skilling programs and partnership with the industry is required. The government has to help develop workers whose jobs will be displaced due to the inevitable phasing out of conventional energy sectors.”

Ishver Dholakiya, Founder & Managing Director, Goldi Solar


“Budget 2022 has given indigenous manufacturers several reasons to cheer. Implementing 40% BCD on solar modules and the additional allocation of Rs 19,500 crore for PLI for solar PV module manufacturing will ensure the growth of the entire domestic manufacturing ecosystem. The application requirements should be tweaked to ensure that MSMEs also benefit from the scheme. All of these measures will result in a more robust domestic module supply, increased confidence in Indian solar modules and reduced reliance on imports while furthering our aim to achieve an Atmanirbhar Bharat. As a next step, the government needs to define measures to be taken in the R&D space to foster innovation and help companies stay ahead of the technology curve.”

Bharat Bhut, Cofounder and Director, Goldi Solar


“The Union Budget is a promising one, looking to build long term growth as the economy recovers from the impact of the COVID-19 pandemic. Specifically for the energy sector, there are many positives from this Budget.

The Sovereign Green Bonds is a remarkable step for funding the projects with a focus on using cleaner alternatives in every sector. This will help reduce the overall carbon footprint of the Indian economy and help achieve the renewable energy target of 175 gigawatts by the year 2022. The additional allocation of Rs 19,500 crore to boost the manufacturing of solar modules under the government’s flagship PLI scheme will also help achieve the goal of 280 gigawatts of installed solar capacity by 2030.”

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Ashish Bhandari, MD & CEO, Thermax.


Thanking the Union Finance Minister Smt. Nirmala Sitharaman on the Budget 2022, said that the Finance Minister has announced imposition of 40% and 25% basic custom duty on import of solar modules and solar cells respectively. This provision of levying custom duty and allocation of additional 19500 crores for Production Linked Incentive (PLI) for high efficiency solar modules manufacturing units will give a big boost to domestic manufacturing of solar power equipment and batteries in line with India’s larger global commitment on tackling climate changes.

This announcement of the central government will lay the strong foundation for solar manufacturing, which will prove to be a big step towards self-reliant India. Simultaneously, Mr. Gupta also thanked the Member of Parliament, Jaipur City, Shri Ramcharan Bohra and the Deputy Secretary, Ministry of New and Renewable Energy (MNRE), Shri Ruchin Gupta, and said that this work has been completed only with the help of these people who were our guides

Manish Gupta, President – North India Module Manufacturers Association (NIMMA) and Director Insolation Energy


I applaud the government’s efforts in allocating an additional Rs 19,500 crore under the PLI plan for the manufacturing of high-performance modules and achieving the ambitious goal of 280 GW of installed solar capacity by 2030. The government’s considerable effort would facilitate indigenous production.

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FM presented a growth-oriented and balanced budget with numerous good interventions such as the issuance of Sovereign Green Bonds, providing public money access to climate action, and allowing investors to build a responsible portfolio. Also, several initiatives and changes related to EV infrastructure would aid in the transition to sustainable energy and a brighter future.

Juhi Marwadi, Director, PIXON Energy Limited


It is a growth oriented and forward looking Budget. The ambitious goal of 280 GW of installed solar capacity by 2030 has been set with an additional allocation of 19,500 crores for manufacturing solar PV modules, in the power and energy sector I believe the Budget 22 will increase the growth and will help in ramping up domestic capacity. This is a highly sustainable and green energy choice. The government’s concern towards standardising the domestic manufacturing of electronic smart meters, wearable devices and hearable devices is a boon for India to become an electrical manufacturing hub. The proposal of surety bonds as a substitute for bank guarantee is highly welcomed.

Furthermore, Rs. 48,000 crores are allocated for 80 lakh houses to be completed both in rural and urban areas which is a huge step towards the upliftment of the society.

Gautam Seth, Joint Managing Director, HPL


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