In a move towards energy self-reliance and green transition, Finance Minister Nirmala Sitharaman's Budget speech on Tuesday announced a series of measures across key sectors including infrastructure, manufacturing, healthcare, education, startups, and notably, green energy.
Amit Rautela, CFO of the state-owned Meja Urja Nigam, highlighted the Budget’s strategic focus on thermal power through the implementation of Advanced Ultra Super Critical (AUSC) technology via joint ventures. He noted that duty-related measures for critical minerals would help India achieve self-reliance in these essential resources.
Rahul Walawalkar, President of the India Energy Storage Alliance (IESA), praised the announcement for pumped hydro storage, calling it a crucial step for supporting long-duration energy storage technologies. He also lauded the abolition of the angel tax, terming it a long-overdue measure that would boost investor confidence and foster the growth of the promising EV and clean tech startup ecosystem.
Chetan Shah, CMD of Solex Energy, pointed to the extension of the Production-Linked Incentive (PLI) scheme, which includes a Rs 5,000 crore allocation for solar PV manufacturing. This move, he said, would significantly reduce import dependence and boost domestic production.
Hanish Gupta, Founder-CEO of Sunkind Energy, described the budget as a landmark for India's renewable energy sector. By equipping one crore households with rooftop solar panels under the PM Suryaghar Muft Bijli Yojana, the government is making a substantial move to reduce the country's reliance on fossil fuels and reshape its energy future.
Amit Paithankar, CEO of Waaree Energies, expressed optimism about the expansion of the list of exempted capital goods for solar manufacturing, which he believes will further bolster domestic production capabilities and reduce reliance on imports. He also highlighted the importance of new guidelines for energy efficiency and emission targets for 'hard to abate' industries in reducing India's carbon footprint.
Srivatsan Iyer, Global CEO of Hero Future Energies, emphasized the importance of transitioning 'hard to abate' industries to greener alternatives, which he believes will catalyze the commercial and industrial (C&I) sector's journey towards net-zero. He also welcomed the introduction of a taxonomy for climate finance, which he said would attract much-needed capital to boost climate resilience.
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