India's Energy Industry Anticipates Green Focus in Union Budget 2024
Key Ideas
- Energy executives expect the Union Budget to boost energy self-sufficiency, remove regulatory hurdles, allocate funds for renewable projects, and incentivize the shift to green hydrogen.
- Key industry leaders seek tax incentives, faster clearances, and support for expanding refining and petrochemical capacities to enhance energy security and attract investments.
- The push for a 20% blending of ethanol in petrol by 2025, aligning with sustainable growth goals, and the emphasis on green hydrogen and renewable energy storage systems demonstrate a commitment to a greener future.
- Anticipation for policy frameworks, tax reforms for oil and gas sectors, and the inclusion of natural gas and petroleum products in the GST regime mark expectations for stability and growth in the energy industry.
Energy industry executives in India are eagerly awaiting the Union Budget 2024, expecting significant announcements to boost the country's energy self-sufficiency and promote sustainability. Leaders anticipate allocations for renewable energy projects, improved grid infrastructure, and innovative technologies. The focus is on removing regulatory bottlenecks and encouraging private investment. The industry also seeks tax incentives, faster clearances, and support for expanding refining and petrochemical capacities to enhance energy security and attract investments. There is a collective push for a greener future, with goals such as a 20% ethanol blending target by 2025 and initiatives to promote green hydrogen and renewable energy storage systems. Key figures stress the importance of policy reforms, tax structure adjustments for the oil and gas sector, and the inclusion of natural gas and petroleum products in the GST regime to ensure stability and growth. Overall, the industry is optimistic about the upcoming budget and envisions collaborative efforts between stakeholders and policymakers for continuous development.