The union budget, which was announced on 1st Feb, was essentially a combination of possibilities and commitments that portrayed the Vision to achieve net zero emissions by 2030.
The budget highlights the government’s commitment to greener energy mediums. The VGF grant and custom duty incentives for battery storage are especially pertinent as the Indian Grid prepares to absorb greater RE capacity.
The government of India has allocated Rs.35000 crore in priority capital investment for the energy transition in order to meet India’s aim of net zero carbon emissions, demonstrating the government’s importance and vision.
“The budget is forward-thinking and advantageous to the power sector. The Green Growth Statement is extensive, including a goal for the green hydrogen mission costing Rs 19,700 crores, which will surely expedite the energy change. The establishment of a green energy corridor in Ladakh is a positive move. We applaud the Rs. 35,000 crore capital investment to achieve the net zero target, but we look forward to getting the policy in its entirety. With this budget release, we are encouraged to continue the rapid development of energy production, equipment manufacture, and energy storage capacity building. To achieve the net-zero goal by 2070, we will need to continue to strengthen the industry-government partnership.
It is quite encouraging for our renewable business that the government has recognized the relevance of renewable mediums in climate protection and has allocated a budget of Rs.10,222 crores, which is almost 48% more than the previous allocation of Rs 6900 crores, which would surely boost the solar sector and demand for renewable and clean energy sources. The industry will see substantial growth in demand in the next years as both the public and private sectors explore energy conversion from fossil to green, which will undoubtedly create job opportunities.
In Last One of the main basic and main aspects of the budget is the Relaxation in taxation to the middle class which is a sign of relief that makes this budget an inclusive budget.