What's In Budget 2024 For Green Energy, EV Sector? Explained In 8 Points

Finance Minister Nirmala Sitharaman presented India's Interim Budget 2024 in the Parliament on Thursday. With this, she marked her sixth consecutive budget presentation, equalling the record set by former Finance Minister Morarji Desai. In her Budget speech, she underscored an array of initiatives aimed at fulfilling the commitment to making India 'net-zero' by 2070.
green energy budget 2024

In her Budget speech, Nirmala Sitharaman underscored an array of initiatives aimed at fulfilling the commitment to making India 'net-zero'by 2070.

Photo : Shutterstock.com
Finance Minister Nirmala Sitharaman presented India's Interim Budget 2024 in the Parliament on Thursday. With this, she marked her sixth consecutive budget presentation, equalling the record set by former Finance Minister Morarji Desai. In her Budget speech, she underscored an array of initiatives aimed at fulfilling the commitment to making India 'net-zero'by 2070.

Key highlights For Green Energy Sector

  1. Beneficiaries of the recently launched Pradhan Mantri Suryodaya Yojana, the government's proposed rooftop solar scheme– Pradhanmantri Suryodaya Yojana – will get free electricity of up to 300 units every month. REC will be the implementing agency of the scheme. The state-owned company will lend up to Rs 1.2 trillion for the installation of rooftop solar panels.
  2. A key measure introduced in the Interim Budget 2024 is the viability gap funding for the development of a 1 gigawatt offshore wind energy project, diversifying India’s renewable portfolio and supporting a shift towards a more sustainable energy mix.
  3. The establishment of coal gasification and liquefaction projects capable of processing 100 metric tonnes by 2030 is aimed at reducing the import of natural gas, methanol, and ammonia, reflecting India's commitment to cleaner energy alternatives.
  4. The government’s strategy also includes the phased mandatory blending of compressed biogas with natural gas for transportation and domestic purposes, a move expected to enhance air quality and encourage the circular economy.
  5. Farmers are set to benefit from financial assistance for biomass aggregation machinery, promoting their role in the bioenergy supply chain and advancing agricultural waste management towards sustainability.

Focus On EV Ecosystem, Biotechnology

  1. The electric vehicle (EV) ecosystem is to receive a significant boost, with initiatives to expand manufacturing capabilities and develop charging infrastructure.
  2. The government aims to increase the adoption of electric buses in public transport networks, reducing urban pollution and pushing for sustainable transportation solutions.
  3. Innovation in biotechnology will be fostered through a new scheme focusing on bio-manufacturing and biofoundry, set to transform the consumptive manufacturing paradigm into one based on regenerative principles. This initiative is anticipated to stimulate the production of eco-friendly alternatives such as biodegradable polymers and bio-pharmaceuticals.
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