03 Feb 2024
In the interim budget announcement, Finance Minister Nirmala Sitharaman announced a 102% increase in allocation for green hydrogen and a doubling of the allocation for solar energy, which will establish a clear course towards achieving its ambitious green energy objectives.
The interim budget for the fiscal year 2024–25 has been allocated ?600 crore towards the National Green Hydrogen Mission, in contrast to the budget allocated for the last financial year's budget of 297 crore.
Vinay Thadani, Director and CEO of Grew Energy Pvt. Ltd., stated on the interim budget, "We like the budget presented by Finance Minister Nirmala Sitharaman. The focus is now on green energy, with a goal of getting to net zero by 2070. The country wants to make sure that energy is available, easy to get, and not too expensive. The roof-top solarisation scheme will give one crore households free electricity every month. As new solar companies, we want to make better solar panels and make our EPC services better. As part of the plans announced today to reach the 2070 goal, India will be able to use solar energy all the time and at a low cost."
It appears that solar power has taken centre stage in the interim budget announcements, with an allocation of ?10,000 crore, up from ?4,970 crore in the previous financial year. Also, the government allocated ?930 crore for wind energy (grid), which is a slight increase from the ?916 crore allocation in the last budget.
The announcement of the 'Pradhanmatri Suryoday Yojana' by Prime Minister Narendra Modi marks a significant milestone towards self-reliance. The scheme is aimed at installing solar rooftops on one crore homes, with the aim of not only reducing electricity bills but also projecting India as a self-reliant nation. It is anticipated that the initiative will attract investments of up to 12,500 crore, expand solar capacity by over 30 GW, generate employment, and encourage local manufacturing of solar products.
leave your comment