India budget reaction from renewable energy sector

Renewable energy in Cambodia

The increase in allocation for infrastructure will boost the power sector on the whole. It will help in upgrading the country’s T&D network and building on grid connectivity to ensure efficient evacuation of solar energy, particularly the ambitious Green Energy Corridor scheme.

The additional resources allocated for traditional areas of the power sector, like the revival of ailing discoms and stressed assets, coupled with a renewed focus on the expansion of the national program on smart metering, will prove instrumental in accelerating the pace of growth of the power industry.

The additional allocation of Rs 1,000 crore for the Solar Energy Corporation of India and another Rs 1,500 crore for the Indian Renewable Energy Development Agency are also decisive steps in the right direction.

The overall focus of this year’s Budget on R&D and innovation will help in reshaping the solar industry by promoting domestic manufacturing of solar panels. It will also enable the power industry on the whole to create a roadmap for encouraging R&D in cost-efficient and cutting-edge technologies in sync with the Atmanirbhar Bharat Mission, said Simarpreet Singh, director of Hartek Group.

Considering the government’s renewed focus on power generation from solar energy, the additional allocation of Rs 1,000 crore for the Solar Energy Corporation of India and another Rs 1,500 crore for the Indian Renewable Energy Development Agency is a step in the right direction.

The overall focus of this year’s Budget on R&D and innovation will also help in reshaping the solar industry by promoting domestic manufacturing of solar panels. It will enable the industry to create a roadmap for encouraging R&D in cost-efficient and cutting-edge technologies in sync with the Atmanirbhar Bharat Mission.

The infrastructure sector has also received much-needed attention this time, which will help in building transmission infrastructure to ensure efficient evacuation of solar energy and attract more investments for the ambitious Green Energy Corridor project.

The announcement to set up a National Hydrogen Mission will also go a long way in meeting the ambitious target of generating electricity from renewable energy sources.