The measures taken in the budget to take rapid steps towards critical minerals and green energy will not only make the country self-sufficient in resources, but will also help in achieving the goals of net zero carbon emissions. Energy sector companies said this. Finance Minister Nirmala Sitharaman announced several measures for infrastructure, manufacturing, healthcare, education, startups and green energy, among other sectors, in her budget speech on Tuesday. Amit Rautela, Chief Financial Officer (CFO) of public sector Meja Energy Corporation, said that the budget has taken steps to meet the current requirement of thermal power with an emphasis on state-of-the-art technology (AUSC) power plants through joint ventures.
Abolition of angel tax is a great step
Apart from this, the fee related measures for critical minerals will make the country self-sufficient in these important resources. According to Rahul Walavalkar, President, India Energy Storage Alliance (IESA), the announcement of pumped hydro storage in the budget is an important step to support long-term energy storage technologies. Eliminating angel tax is a great and much-awaited step. It will boost investor confidence and the electric vehicle (EV) and clean tech startup ecosystem.
Good announcements for solar energy
Solex Energy Chairman and Managing Director (CMD) Chetan Shah said that the expansion of the production-linked incentive (PLI) scheme with an allocation of Rs 5,000 crore for solar PV manufacturing will significantly reduce dependence on imports and boost domestic production. He said that apart from this, a fund of Rs 10,000 crore for solar infrastructure development, including solar parks and grid integration, is an important step towards achieving renewable energy targets.
Solar panels will be installed on 1 crore homes
Sunkind Energy Founder and Chief Executive Officer (CEO) Hanish Gupta said that this budget is a significant change for India’s renewable energy sector. By equipping one crore households with rooftop solar panels through the Pradhan Mantri Suryaghar Free Electricity Scheme, the government is taking a major step towards reducing the country’s dependence on fossil fuels and shaping the future of energy. Amit Pathankar, CEO, Waaree Energies, said that expanding the list of exempted capital goods for solar manufacturing can further enhance the country’s ability to strengthen domestic production capabilities, reduce dependence on imports and promote self-reliance. Anil Rawal, Managing Director and CEO, IntelliSmart Infrastructure, said, “This budget is in line with our commitment to growth and climate action with a target of 500 GW of renewable energy capacity by 2030.”
