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The interim budget for 2024-25 marks a significant stride towards advancing the adoption of renewable energy resources, reaffirming India's commitment to green energy objectives and sustainable development. With a combined funding of Rs 11,500 crore allocated to Solar Power (Grid), the National Green Hydrogen Mission, and Wind Power (Grid) projects, the government aims to bolster the transition to green energy and mitigate greenhouse gas emissions.
Solar Power: Allocation for solar power sees a substantial increase to Rs 10,000 crore for 2024-25, marking a 110% rise from the earlier estimate of Rs 4,757 crore.
National Green Hydrogen Mission: The budgetary allocation for the National Green Hydrogen Mission has been augmented to Rs 600 crore for 2024-25, up from the previous Rs 297 crore, amountig to 102% rise.
Wind Power: The government has allocated Rs 930 crore for wind power, representing a 1.5% increase from the previous allocation of Rs 916 crore.
This year, particular emphasis has been placed on rooftop solar installations, aiming to provide 1 crore families with 300 units of free electricity monthly, thereby catalyzing solar power adoption among residential consumers.
The government's active engagement in the National Green Hydrogen Mission ensures a steady supply of clean energy, fostering sustainable development. Finance Minister Nirmala Sitharaman also announced the provision of viability gap funding (VGF) for the initial 1 GW capacity of offshore wind power.
Additionally, a Rs 1 lakh crore corpus has been earmarked for research and innovation, facilitated by a 50-year interest-free loan, to incentivize private companies to escalate research and development efforts in burgeoning sectors. This strategic alignment of youth, technology, and innovation underscores the government's commitment to fostering growth in "sunrise sectors."
Budget Estimate 2024-25 (Rs) | Budget Estimate 2023-24 (Rs) | Percentage increase/ decrease (%) | |
Green Hydrogen | 600 cr | 100 cr | (+) 102 |
Solar | 10,000 cr | 4,757 cr | (+) 110 |
Wind | 930 cr | 916 cr | (+)1.5 |
The interim budget for 2024 is poised to stimulate economic growth by prioritizing significant developments across various sectors.
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