India's Green Energy Evolution Through Strategic Budget Decisions
Key Ideas
- Budget 2022 focused on boosting domestic solar equipment manufacturing and achieved significant solar module and cell manufacturing capacities.
- Budget 2023 emphasized viability gap funding for battery energy storage systems and launched schemes to promote green hydrogen production.
- Budget 2024 diversified focus to offshore wind, distributed renewable energy, and critical minerals while promoting rooftop solar.
- Budget 2025 highlights plans to expand nuclear capacity, support MSMEs in clean-tech manufacturing, and promote recycling of critical minerals.
The evolution of India's clean energy transition has been shaped by strategic budget decisions. Union Budget 2022 allocated funds to enhance domestic solar manufacturing, leading to substantial growth in solar module and cell capacities. In 2023, viability gap funding for battery energy storage systems was introduced, driving green power adoption and reducing coal dependency. The budget also launched initiatives to establish India as a global hub for green hydrogen production. Budget 2024 shifted focus to offshore wind, distributed renewables, and critical minerals, promoting diverse energy sources. Additionally, the budget exempted basic customs duty on critical minerals to boost recycling and lower costs for domestic producers. In Budget 2025, India plans to expand nuclear capacity significantly by 2047, emphasizing local manufacturing and recycling to achieve energy security. Despite these positive steps, short-term priorities like wind energy support and industrial decarbonization were not explicitly addressed.
Topics
Green Hydrogen
Renewable Energy
Energy Security
Sustainability
Green Energy
Manufacturing
Nuclear Power
Critical Minerals
Budget Allocations
Latest News