The latest budget from Modi 3.0 underscores a strong commitment to India’s economic future, emphasizing energy security and upskilling. While maintaining efforts toward fiscal prudence and consolidation, these priorities are crucial for driving economic growth and achieving the vision of a Viksit Bharat by 2047.
The government’s focus on energy storage is demonstrated by the intent for a PSP policy and the reduction of duties on critical minerals, designed to enhance the competitiveness of battery storage. Additionally, support to MSMEs in sunrise sectors through credit schemes for solar cell and panel development is vital for strengthening domestic supply chains and driving job creation. These initiatives represent significant strides toward a sustainable energy future.
Naveen Khandelwal, CEO of BrightNight India, emphasizes the budget’s robust focus on energy storage and upskilling. Khandelwal commends the government’s intent to enhance competitiveness in battery storage through policies like PSP and the reduction of duties on critical minerals. He points out that while these steps are significant for advancing a sustainable energy future, there remains a need for a dedicated green energy fund to accelerate corporate adoption of clean energy. The transition from thermal energy to renewables, according to Khandelwal, requires a well-defined pathway to align with long-term sustainability goals.
Mr. Niranjan Nayak, MD of Delta Electronics India, expresses optimism about the budget’s emphasis on skilling, infrastructure development, and digital transformation. Nayak highlights the alignment between Delta’s focus on emerging technologies and the government’s vision for a knowledge-based economy. He also praises initiatives aimed at increasing women’s participation in the workforce, which he believes will contribute to a more inclusive and empowered society.
In a similar vein, Mr. AK Tyagi, Founder and Chairman of Nuberg Engineering Ltd, applauds the budget’s progressive measures, including the policy paper on energy transition routes and the auctioning of offshore mineral blocks. Tyagi notes the importance of investing in small modular reactors and advancing nuclear technology. He also highlights the significance of PM Surya Ghar Muft Bijli Yojana and the collaborative efforts of NTPC and BHEL in advancing power generation technology. Despite the progress, Tyagi calls for greater emphasis on Green Hydrogen development to bolster sustainability efforts.
Mr. Riju Jhunjhunwala, CMD of RSWM Ltd and MD of Bhilwara Energy Ltd, praises the budget for its holistic approach to manufacturing, energy, and sustainability. Jhunjhunwala underscores the employment incentives for the manufacturing sector and the focus on nuclear energy and indigenous thermal power technologies. The budget’s support for rooftop solar schemes is seen as a transformative measure for both household and industrial energy consumption.
Suhas Baxi, Co-founder and CEO of BioFuelCircle commends the budget’s commitment to investing INR 30.5 lakh crore in renewable energy by 2030. Baxi aligns the budget’s focus on green energy and rural enterprises with BioFuelCircle’s mission to connect rural and industrial economic segments through its digital platform. He advocates for supporting small rural enterprises and incentivizing the use of green fuels and biofertilizers to drive circular economic practices.
Jaikaran Chandock, Director of Balu Forge Industries Ltd, highlights the budget’s role in laying a foundation for Viksit Bharat. Chandock notes the budget’s emphasis on renewable energy transition, infrastructure development, and educational reforms. He also points out the significant allocation for defense and railways, which he believes will bolster India’s manufacturing capabilities and reinforce indigenous defense manufacturing.
The Union Budget 2024-25 presents a robust vision for a thriving ‘Viksit Bharat,’ blending energy security, sustainability, and inclusive growth. While the budget shows a commendable commitment to clean energy through initiatives like battery storage and support for MSMEs, there is a call for more support to accelerate corporate adoption of renewable solutions. A dedicated green energy fund could be transformative, fostering quicker clean energy uptake.
The budget highlights essential areas such as skilling, infrastructure development, and digital transformation. Emphasizing women’s participation through initiatives like hostels and creches aligns with fostering a more inclusive society. Private-sector R&D and innovation are supported, reinforcing the goal of a knowledge-based economy.
The budget also includes progressive measures like a policy on energy transition routes, auctioning offshore mineral blocks, and developing electricity storage. These steps are expected to boost energy infrastructure and encourage new technologies. Notable initiatives include the PM Surya Ghar Muft Bijli Yojana and ongoing support for PM Awas Yojana Urban 2.0, enhancing energy access and housing. While progress is made, further emphasis on Green Hydrogen development could significantly bolster sustainability efforts. The planned investment of INR 30.5 lakh crore in renewable energy by 2030, alongside support for rural enterprises and circular economic practices, underlines a commitment to cleaner energy.
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