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Finance Minister Nirmala Sitharaman’s proposed interim budget for 2024 has received mixed reactions from stakeholders in the power, energy, and renewable energy sectors. While some have expressed appreciation for certain initiatives, others have voiced concerns about overlooked areas.
Here’s a breakdown of their perspectives:
Tanya Singhal, Founder, Mynzo Carbon & SolarArise
While the budget for 2024 remains relatively silent on clean energy, it underscores the significance of the Pradhan Mantri Suryoday Yojana. Despite being limited to households with an income of 1-1.5l/annum, this initiative breaks barriers to rooftop solar adoption, addressing the crucial upfront capital hurdle.
It not only enhances access to power but also extends electricity reach to areas lacking a stable grid. While not a game-changer in GW statistics, it is a life-changer for many who are in desperate need of power. The focus on empowering households aligns with a sustainable, inclusive future.
Anupam Kumar, Founder & CEO, MiniMines Cleantech Solutions
We commend the Government’s visionary approach, particularly the emphasis on Viability Gap Funding for tapping into shore-wind energy potential. This strategic initiative is a game-changer, poised to accelerate the widespread adoption of renewable energy across the country. As a pioneering startup in battery recycling, we are highly optimistic about the future, especially with Bharat’s unwavering commitment to coal gasification and liquefaction, which is targeting a capacity of 100 metric tons by 2030.
Moreover, the phased mandatory blending of compressed biogas in compressed natural gas for transport and piped natural gas for domestic purposes perfectly aligns with our steadfast dedication to sustainable practices. This forward-looking fosters the adoption of eco-friendly alternatives and propels the growth of businesses like ours.
At MiniMines, we eagerly look forward to contributing to Bharat’s sustainable future and thriving in the dynamic landscape shaped by these progressive budgetary measures. With the nation’s commitment to Aatmanirbhar Bharat and one step closer to Net Zero, we are inspired to innovate and lead the charge towards a greener, self-reliant India.
Deepak Gupta, Sr. Vice President, Advait Infratech
The Budget’s focus on enhancing offshore wind energy capabilities and developing renewable energy sources aligns perfectly with the country’s commitment to achieving a Net Zero target by 2070. The incentivization of green hydrogen, biofuels, and electric vehicles, as outlined in the Budget, not only underscores the importance of sustainable energy but also opens up new avenues for economic and technological growth. This forward-thinking strategy paves the way for a more sustainable and environmentally conscious future.