As the Union Budget 2024-25 approaches, industry leaders in the renewable energy sectors are articulating their expectations and priorities. They emphasize the necessity for strategic government reforms and initiatives to foster growth, innovation, and sustainability. These leaders underscore the importance of supportive policies, enhanced manufacturing capacities, and robust institutional arrangements to propel India’s energy transition. Their insights highlight the critical need for government action to meet ambitious national and global goals, driving the country towards a sustainable and innovative energy future.
Vinay Thadani, Director and CEO, Grew Energy Pvt. Ltd.:
“As a forward-thinking participant in the solar industry, we are excited about the government’s unwavering commitment to crucial reforms. The introduction of the PM Surya Ghar Yojana is encouraging everyone to adopt solar energy installations. However, to meet the 2030 goals, we need to enhance our manufacturing capacities. We request the finance ministry to consider the extension of the concessional tax rate for new manufacturing units commencing after 31-Mar-2024. Adequate support from both state and central governments will propel global renewable energy growth.”
Amit Uplenchwar, Director, Kalpataru Projects International Limited (KPIL):
“The government has set ambitious targets for deploying advanced energy solutions, including clean hydrogen, energy storage, and carbon capture, with a planned investment of $35 billion annually until 2030. Swift government actions on project approvals and supportive policies are essential. GAIL’s proposal for a 1500 KTPA ethane cracker unit in Madhya Pradesh could foster numerous public-private partnerships and generate thousands of jobs. Significant government intervention is needed in the oil & gas, energy, and T&D sectors to support domestic business growth.”
Saurabh Kumar, Vice President-India, Global Energy Alliance for People and Planet (GEAPP):
“For the Union Budget 2024, we anticipate a significant boost to the clean energy sector. There is a need for a substantial increase in allocations towards scaling up decentralized renewables and battery storage. Effective energy transition requires seamless inter-ministerial coordination and robust institutional arrangements to expedite this transition at the state level. Comprehensive policies and packages are needed to accelerate energy transition initiatives, with decisive measures and substantial financial commitments.”
N.P. Ramesh, COO, and Co-Founder, Orb Energy:
“The solar industry eagerly anticipates measures to accelerate India’s renewable energy goals. Key priorities include enhancing residential solar adoption with proposed personal income tax benefits up to 3 lakhs, increasing depreciation benefits for the C&I sectors, and removing anti-dumping duties on raw materials for solar modules. A proposed 7-year tax holiday for investments in PV module or solar cell production will stimulate domestic manufacturing capabilities. These measures will strengthen India’s position in renewable energy and ensure a sustainable energy future.”
The pre-budget expectations of industry leaders reflect a collective call for decisive government actions to support the renewable energy and electric vehicle sectors. Strategic measures such as tax benefits, subsidies, and robust institutional frameworks are essential to foster innovation, boost domestic manufacturing, and enhance sustainability. With adequate support from both state and central governments, India can strengthen its position in the global renewable energy landscape and ensure a greener, more prosperous future.
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