Indian Solar Sector Growth: Budget Fuels Industry - PTI

New Delhi, Jul 23 (PTI) Energy sector players on Tuesday welcomed the Union Budget for FY25, saying it plays the role of a catalyst for the growth of the Indian solar industry and provides access to affordable and clean electricity to households.

In her Budget speech, Finance Minister Nirmala Sitharaman made a slew of announcements related for power and renewable energy sectors, including a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition.

Vikram Solar CMD Gyanesh Chaudhary said, "The Budget is a catalyst for the growth of the Indian solar industry, empowering millions of households with access to affordable and clean electricity."

The support announced for the pumped storage (projects) and tax incentives for solar equipment manufacturing will aid the pace of the country's India's transition, Goldi Solar MD Ishver Dholakiya said.

ReNew Chairman Sumant Sinha said the announcement that the government will release a policy document on India's energy transition pathway and policy on pumped storage will provide long-term clarity for investments across the value chain.

IndiGrid CEO Harsh Shah said, "We welcome the change in rationalisation of the long-term capital gain taxation for business trusts in this Budget. InvITs/REITs getting taxed at parity with equities will enhance their attractiveness for investors."

Mynzo Carbon and SolarArise Founder Tanya Singhal said, "The proposed taxonomy for climate finance will enhance the availability of capital for climate adaptation and mitigation projects, supporting the LiFE mission's goals and providing the necessary capital to incentives green behavior in the masses."

Jakson Group Chairman & Managing Director Sameer Gupta said special attention given to MSMEs and manufacturing includes a credit guarantee scheme, term loans for machinery, and technology financing packages. These measures will help MSMEs scale up and enhance competitiveness.

Meanwhile, on education-related announcements, Jasmeet Singh Chhabra, Co-founder, JV Ventures, Crimson Schools, said the introduction of education-focused Digital Public Infrastructure will revolutionise learning by integrating smart classroom technologies, providing interactive and accessible resources, and enabling personalised learning experiences.

BBL Madhukar, DG of BRICS Chamber of Commerce and Industry, said, "The substantial allocation of Rs 1.48 lakh crore for education and employment... will enhance the quality of education, promote skill development, and create numerous job opportunities. Additionally, the introduction of education loans up to Rs 10 lakh for students in domestic institutions will make higher education more accessible.