Key Points
The upcoming budget for FY 2024-25 is expected to focus on sustainable financing for renewable energy (RE) projects, including distributed RE installations, localizing the supply chain, and boosting rooftop solar installations.iStock..
Budget 2024: In the past few years, the Government of India has been pacing up its interventions to meet the ambitious clean energy targets, i.e. to steer the country towards 50% cumulative installed power generation capacity from non-fossil fuel sources by 2030; and achieving net zero by 2070..
India currently has an installed generation capacity of 187 GW from non-fossil fuel sources including 133 GW from renewable energy (RE) sources, as of November 2023...
Annual budgets of the Government of India have provided the much needed impetus and direction to the RE sector by means of allocation of funds towards targeted programs as well as announcement of important decisions relating to taxation and import duties...
It may be noted that allocations for green energy corridor, and capital (equity) infusions for key public sector entities relevant for RE such as Solar Energy Corporation of India (SECI) and Indian Renewable Energy Development Agency (IREDA) etc. are also likely to be covered in the budget process..
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