Solar Energy Boost: India's Budget Focuses on Jobs & Investment

New Delhi, Feb 1 (PTI) The government's focus on solar as envisaged in the 2024-25 budget will not only enhance energy security and promote clean energy accessibility but also trigger a technology revolution, boosted by a Rs 1 lakh crore corpus for research and development, industry players said.

Finance Minister Nirmala Sitharaman presented her sixth Budget on Thursday in which she announced a Rs 11.11 lakh crore spending on infrastructure among other proposals for sectors like solar and startups.

The budget also has provisions for a Rs 1 lakh crore corpus for research and development.

Sameer Gupta, Chairman and Managing Director of Jakson Group, said Pradhan Mantri Suryodaya Yojana aims to provide 1 crore households with 300 units of free electricity through rooftop solarization.

"These dynamic measures not only enhance energy security and promote clean energy accessibility but also drive a tech revolution, supported by a Rs 1 lakh crore corpus for R&D," he said.

Mohit Agarwal, Co-founder of Vinayak Industries, said "We welcome the move by the Modi government to provide thrust to the solar sector in India. It will attract investments to the sector and is expected to generate lakhs of jobs."

Devansh Jain, Executive Director, INOXGFL Group, said the industry recognises the government's visionary move in introducing viability gap funding (VGF) for offshore wind projects. This initiative holds potential to open up large opportunities for the wind sector, as India marches aggressively towards its 2030 renewable energy and 2070 net-zero targets.

Compared to onshore, offshore projects are significantly costlier and the VGF announced in this year's budget will aid in lowering power generation costs to ensure power offtake from these projects, as well as instil confidence among wind players towards investing in offshore technologies.

Deepak Sharma, Zone President, Greater India, MD & CEO, Schneider Electric India, said setting up a corpus of Rs 1 Lakh crore and providing 50-year loan for tech-savvy youth will scale up research and innovation.

Promotion of solar rooftop installations, provision of 300 units free power every month to 1 crore households, mandatory blending of Compressed Biogas (CBG) with CNG & PNG, and incentives for offshore wind energy will ensure energy accessibility, affordability, and availability, he said.

Amit Uplenchwar, Director, Kalpataru Projects International, said: "The focus on leveraging India's natural and human resources through enabling schemes aligns with our vision of making India Atmanirbhar."

Anurag Choudhary, CMD & CEO of Himadri Speciality Chemical, said, the emphasis on bolstering the Electric Vehicle (EV) ecosystem, particularly through the expansion of charging infrastructure and promotion of EV public transport, showcases its commitment to sustainable development.