The Union Budget 2024 has been widely praised for its focus on energy security, sustainability, and economic growth. The government’s commitment to these priorities is seen as a critical step towards achieving a developed India by 2047. The budget emphasizes making energy reliable, accessible, and affordable and introduces a new policy on energy transition to enhance employment, growth, and environmental sustainability.
Industry leaders have highlighted the budget’s support for domestic solar cell and panel production through expanded exemptions for capital goods, aiming for a target of 280 GW of solar power by 2030. The proposed policy on pumped storage projects is expected to advance hybrid renewable energy solutions, ensuring a stable electricity supply. This comprehensive approach underscores the government’s dedication to bolstering India’s energy transition and sustainable development.
ENGIE India’s CEO, Amit Jain, highlighted the government’s efforts to enhance energy transition, boosting solar manufacturing and promoting hybrid renewable projects. He affirmed ENGIE India’s commitment to supporting India’s clean energy goals and a greener future.
Husk Power Systems’ CEO, Manoj Sinha, appreciated the budget’s proposal to develop a taxonomy for climate finance and called for more clarity on Climate Adaptation funding to support renewable energy projects. He emphasized the need for AI-powered Virtual Power Plants to integrate decentralized energy resources with the grid, helping India achieve its net-zero target by 2070. He also noted that the budget’s focus on energy transition and climate finance will help rural communities affected by climate change.
Saatvik Energy’s Prashant Mathur praised the budget’s focus on energy transition and solar rooftops, noting the expansion of exempted capital goods for solar manufacturing. He also highlighted the budget’s move to remove customs duties on critical minerals, boosting battery storage manufacturing.
Freyr Energy’s Saurabh Marda welcomed the government’s ambitious goal of 500 GW of renewable power by 2030, along with a ₹70,000 crore subsidy for homeowners switching to solar energy. He described this initiative as a significant step forward for India’s renewable energy future.
Nextracker’s Rajeev Kashyap appreciated the budget’s allocation of ₹19,100 crore to the Ministry of New and Renewable Energy, supporting green energy and infrastructure development. He stressed the importance of enhancing solar manufacturing and grid infrastructure to support India’s net-zero goal by 2070, reaffirming Nextracker’s commitment to advancing solar technology.
Pratik Agarwal from Serentica noted the budget’s strong stance on decarbonizing hard-to-abate sectors and promoting pumped storage projects, which he sees as vital for India’s energy transition.
Dr. Satish Kumar from AEEE highlighted the budget’s support for MSMEs and energy efficiency, particularly in reducing greenhouse gas emissions. He also appreciated the government’s focus on skills development and the upcoming policy on energy transition pathways, aligning with AEEE’s goals for a sustainable and energy-secure future.
Vareyn Solar’s Shreesh Chaturvedi saw the budget’s emphasis on energy security and climate resilience as crucial. He praised the focus on climate-resilient agriculture and renewable energy integration, seeing the PM Surya Ghar Muft Bijli scheme as a game-changer for solar energy adoption and a boost for the solar industry.
Triveni Engineering’s Tarun Sawhney commended the budget’s support for renewable energy, agriculture, and climate resilience, emphasizing R&D in agriculture and natural farming. He noted the importance of renewable energy integration, climate finance, and the push for carbon credits to enhance the green transition.
Malaviya Solar Energy Consultancy’s Jaideep Malaviya welcomed the Critical Mineral Mission to support solar panel recycling and promote domestic manufacturing, aligning with India’s self-reliance goals.
Anant School for Climate Action’s Dr. Miniya Chatterji appreciated the government’s focus on energy security, including rooftop solar, electric vehicle infrastructure, and indigenous energy technologies. She also highlighted support for micro and small industries transitioning to cleaner energy and the planned climate finance taxonomy.
SBL Energy’s Sanjay Choudhari lauded the government’s energy security initiatives, including offshore mineral block auctions and green hydrogen integration, which he sees as key to reducing carbon footprints and enhancing manufacturing sustainability.
Geojit Financial Services’ Mini Nair highlighted the budget’s balanced approach to economic growth and sustainability, with significant investments in renewable energy, MSMEs, and infrastructure. She applauded the PM Surya Ghar Muft Bijli Yojana and support for pumped storage projects, stressing the importance of expanding solar energy and climate finance.
The Union Budget 2024 has set a clear and ambitious path for India’s energy transition and sustainable development. With substantial investments in renewable energy, climate finance, and infrastructure, the budget aims to ensure a just and inclusive energy transition. However, addressing the challenges of integrating advanced technologies and supporting critical agricultural sectors will be crucial for achieving these goals. The commitment of industry leaders to support these initiatives underscores the potential for a resilient and sustainable energy future for India.
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