Union Budget 2024: Expectations and Calls for Sustainable Energy Development in India
Key Ideas
  • Industry leaders in India expect the Union Budget 2024 to focus on promoting cleaner energy sources, infrastructure development, and regulatory reforms to support sustainable growth.
  • Calls are made to reduce GST on Auto LPG to 5% and incentivize OEMs to produce more LPG vehicles to accelerate adoption and provide a cost-effective alternative to traditional fuels.
  • The importance of prioritizing energy security through investments in refining, petrochemical capacities, and incentives for green hydrogen is emphasized to drive India's transition to a low-carbon economy.
  • Leaders stress the need for detailed road maps to bridge sustainability goals with actions, enhance energy efficiency in building infrastructure, and strengthen green technology skilling and innovation initiatives.
The energy sector in India is anticipating significant developments from the upcoming Union Budget 2024 with a focus on addressing various challenges and opportunities. Key industry leaders are calling for strong governmental actions to promote cleaner energy sources, infrastructure development, and regulatory reforms to facilitate sustainable growth. Suyash Gupta from the Indian Auto LPG Coalition advocates for reducing the GST on Auto LPG to 5% and providing incentives for OEMs to produce more LPG vehicles, aiming to boost adoption and offer a practical alternative to traditional fuels. Alessandro Des Dorides from Nayara Energy emphasizes the importance of energy security and suggests encouraging investments in refining, petrochemical capacities, and green hydrogen to expedite India's shift towards a low-carbon economy. Arun Awasthy from Johnson Controls India highlights the need for detailed road maps to align sustainability goals with actions, enhance energy efficiency in building infrastructure, and bolster green technology skilling and innovation initiatives. These leaders stress the significance of adopting policies that foster sustainable development, economic growth, and environmental protection. The article also emphasizes the urgency of addressing environmental health concerns and the impact on public health by promoting cleaner mobility options and a healthier environment. The calls for reducing GST on Auto LPG, encouraging the production of LPG vehicles, prioritizing energy security, continuing the ethanol blending program, and incentivizing green technology signify a positive outlook towards sustainable energy development in India.
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