Empowering India's Sustainable Future: Industry Expectations from Union Budget 2024
Key Ideas
- Industry leaders in critical materials, energy, and manufacturing sectors seek strategic interventions and policy support from the upcoming Union Budget 2024 to enhance India's global competitiveness and drive sustainable growth.
- Expectations include measures like Extended Producer Responsibility, PLI Scheme for recycling secondary materials, GST rationalization, technology partnerships, and policies for renewable energy integration and infrastructure development.
- Anticipation for reforms in the power sector, alternative fuel adoption, renewable energy commitments, EV charging infrastructure development, and leveraging manufacturing for economic growth.
- The budget is seen as a crucial step towards advancing renewable energy initiatives, creating employment opportunities, and transforming India's energy landscape to achieve net-zero goals.
As India's Union Finance Minister prepares to present the Union Budget 2024-25, industry leaders from critical materials, energy, and manufacturing sectors are voicing their expectations for strategic interventions and policy reforms. The leaders emphasize the need for measures like Extended Producer Responsibility and PLI Scheme for recycling secondary materials to boost the critical materials sector. There is a call for policies supporting renewable energy, including lowering GST rates on solar devices, enhancing energy storage solutions, and developing a skilled workforce for the industry.
The power sector anticipates comprehensive reforms such as achieving a turnaround of discoms and integrating energy storage solutions. Additionally, there is a focus on alternative fuels like biogas and biomethane to reduce fossil fuel dependence. The industry looks forward to the government's commitment to renewable energy, innovative technologies, local manufacturing, and R&D within the solar energy sector.
Expectations also extend to infrastructure development, particularly in EV charging networks, with calls for subsidies to enhance accessibility and adoption of EVs. The budget is seen as a pivotal opportunity to advance India's sustainable development goals, drive economic growth, and transition towards a cleaner energy landscape to achieve net-zero carbon emissions by 2045.
Topics
Green Hydrogen
Renewable Energy
Alternative Fuels
Energy Storage
Sustainable Development
Budget
Economic Growth
Policy Reforms
Manufacturing Sector
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