Prioritizing Renewable Energy in India's 2024 Budget: Industry Insights
Key Ideas
  • Industry experts advocate policy interventions, duty reductions, and tax rationalization in sectors like rooftop solar and green hydrogen in the 2024-25 Union Budget.
  • Challenges in the solar sector include completing projects with imported equipment due to recent policy changes favoring domestic manufacturers.
  • India aims for 500 GW of renewable energy by 2030, necessitating strong government support, continued effective policies, and incentives for domestic manufacturers.
  • Focus on storage solutions, energy efficiency, skilling initiatives, and promoting green hydrogen through incentive schemes and infrastructure development is recommended.
Industry experts urge the Indian government to prioritize policy interventions, duty reductions, and rationalization of taxes in renewable energy sectors like rooftop solar, green hydrogen, and electricity transmission in the upcoming 2024-25 Union Budget. Concerns in the solar sector revolve around completing projects with imported equipment following the reintroduction of the Approved List of Models and Manufacturers favoring domestic manufacturers. With India aiming to reach 500 GW of renewable energy by 2030, experts emphasize the importance of strong policy support and government initiatives. Suggestions include incentives for rooftop solar makers, continuation of effective policies, and support for domestic manufacturers to meet the growing demand in the solar sector. Additionally, experts highlight the need for storage solutions to address intermittent renewable energy supply. The industry also emphasizes sustainable development, energy efficiency, skilling initiatives, and the promotion of green hydrogen. While initiatives like the National Green Hydrogen Mission and the Strategic Interventions for Green Hydrogen Transition have been set up, challenges remain due to cost viability issues and the sector's evolving nature. Experts recommend demand incentives, infrastructure development, and viability gap funding to promote green hydrogen offtakes and facilitate the entire value chain.
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