Important The measures taken in the budget to accelerate the move towards minerals and green energy will not only make the country self-sufficient in resources, but will also help in achieving the goals of net zero carbon emissions. This was said by energy sector companies. Finance Minister Nirmala Sitharaman announced several measures for infrastructure, manufacturing, health care, education, startups and green energy, among other sectors, in her budget speech on Tuesday. Amit Rautela, Chief Financial Officer (CFO) of public sector Meja Energy Corporation, said that the budget has taken steps to meet the current requirement of thermal power with an emphasis on state-of-the-art power plants (AUSC) through joint ventures.
Eliminating angel tax is a great step
Moreover, the tariff measures for critical minerals will make the country self-sufficient in these crucial resources. According to Rahul Walawalkar, President, India Energy Storage Alliance (IESA), the announcement of pumped hydro storage in the budget is a significant step to support long-duration energy storage technologies. The abolition of angel tax is a great and much-needed move. It will boost investor confidence and the electric vehicle (EV) and clean tech startup ecosystem.
Good announcements for solar energy
Solex Energy Chairman and Managing Director (CMD) Chetan Shah said the expansion of the production-linked incentive (PLI) scheme with an allocation of Rs 5,000 crore for solar PV manufacturing will significantly reduce dependence on imports and boost domestic production. In addition, a fund of Rs 10,000 crore for solar infrastructure development, including solar parks and grid integration, is a significant step towards achieving renewable energy targets, he said.
Solar panels will be installed on 1 crore houses
Hanish Gupta, Founder and CEO, Sunkind Energy, said the budget is a watershed moment for India’s renewable energy sector. By equipping one crore households with rooftop solar panels through the Pradhan Mantri Surya Ghar Free Electricity Scheme, the government is taking a major step towards reducing the country’s dependence on fossil fuels and shaping the future of energy. Amit Pathankar, CEO, Waaree Energies, said the expansion of the list of exempted capital goods for solar manufacturing can further enhance the country’s ability to strengthen its domestic production capabilities, reduce dependence on imports and promote self-reliance. Anil Rawal, Managing Director and CEO, IntelliSmart Infrastructure, said, “The budget is in line with our commitment to growth and climate action. It has set a target of 500 GW of renewable energy capacity by 2030.”
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