Sat. Apr 13th, 2024

Government Surges Funding for Renewable Energy Initiatives in Interim Budget

In a significant move to fortify the renewable energy sector and combat carbon emissions, the Interim Budget for the fiscal year ending March 2025 proposes an impressive outlay of over Rs 11,500 crore. This substantial investment is earmarked for Solar Power (Grid), the National Green Hydrogen Mission, and Wind Power (Grid) projects.

Solar Power Initiatives: The financial allocation for solar projects witnesses a remarkable surge, reaching Rs 10,000 crore for the fiscal year 2024-25. This marks a substantial 110% increase from the revised estimates of Rs 4,757 crore, signaling the government’s commitment to fostering solar energy.

National Green Hydrogen Mission: The budgetary allocation for the National Green Hydrogen Mission experiences an unprecedented five-fold surge, reaching Rs 600 crore for the fiscal year 2024-25. This ambitious funding reflects the government’s dedication to advancing green hydrogen technologies.

Wind Power Boost: The allocation for wind power sees an elevation to Rs 930 crore, indicating a 1.5% increase from the previous Rs 916 crore. This move underscores the government’s continued support for wind energy initiatives.

Industry Perspectives:

Aditya Damani, Founder and CEO of Credit Fair, states, “The government’s emphasis on rooftop solar, green energy research, Viability Gap Funding for wind energy projects, and other strategic initiatives will revitalize the country’s clean energy endeavors and spur economic growth in rural areas.”

Subahoo Chordia, President & Head – Real Assets at Edelweiss Alternatives, comments, “The budget signifies sustained government support for the infrastructure sector, with an 11% increase in allocation. Initiatives such as multi-modal connectivity, advancements in solar and wind energy technologies, and improvements in railway infrastructure are poised to fuel economic growth.”

In essence, the Interim Budget aligns with two major themes: a push for rural development and increased investment in infrastructure, fostering a cleaner and sustainable future for the nation. – The Blaze Times


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