India is getting ready to announce its 2024–25 Union Budget, and the green energy industry is eagerly waiting. They hope the government will introduce important policies to help grow sustainable energy projects. Industry experts have a long list of things they want, like more subsidies, money for research, better tax conditions, and simpler procedures. They believe these steps will help India reach its big goals for renewable energy and become a key player in the world’s clean energy field.
Key Voices in the Solar Industry
According to Ashwani Sehgal, President of the India Solar Manufacturers Association (ISMA) and Managing Director of Alpex Solar Ltd., the budget is really important for supporting solar power and making sure India can make its solar products. He thinks the government should create a steady and supportive environment for solar power to keep growing. Sehgal suggests that India should plan for the long term and focus on being self-reliant, especially in making its solar technology.
This, he believes, will help India become a top player in solar technology worldwide. He also wants two things to happen quickly: the implementation of ALMM and reducing the time to set up solar projects to no more than 15 months. He thinks these steps are crucial for India to meet its economic goals.
The founder and chief financial officer of Oriana Power, Anirudh Saraswat, is expecting more support from the government in the upcoming budget, which he lists as “enhanced subsidies for technology, expanded funding for R&D, streamlined land acquisition processes, and favourable tax rebates.” He also highlights the need for improved grid infrastructure and tariff rationalization to enable seamless energy distribution, which is crucial for expediting India’s transition to renewable energy and meeting its climate targets.
Executive Director of Hartek Group Simarpreet Singh highlights the global trend toward renewable energy and energy electrification, noting that annual global investment in energy transition technologies will reach an all-time high of USD 1.1 trillion in 2022. Singh also notes that India’s energy transition could require ~ $15 Trillion in investments by 2070, highlighting the need for policies that are future-proof, financial support, and innovation in sustainable technology.
Srivatsan Iyer, the Global CEO of Hero Future Energies, is optimistic about the budget’s emphasis on sustainable energy. He is excited about the government’s investment strategies, which are in line with his company’s dedication to implementing advanced technologies in their solar and wind ventures. Iyer remarks, “With the government setting aside Rs 35,000 crore, we expect a significant boost in our projects.” He is in favour of policies that boost the demand for green hydrogen and suggests lowering GST rates on essential components like solar modules and electrolyzers. Additionally, he recommends temporary exemptions from import duties to support local manufacturing and sustain the growth of solar capacity.
The Union Budget’s Role in Shaping India’s Green Future
The Union Budget 2024–25, which is expected to make significant financial allocations as well as send a strong signal about India’s commitment to combating climate change and embracing a sustainable future, is more than just a budgetary blueprint; it is a testament to the nation’s commitment to a greener future. Industry leaders have highlighted the expectations of the green energy sector, which are not just demands but essential steps in India’s path to energy self-sufficiency and global leadership in renewable resources.
Therefore, the budget is anticipated not only for the financial allocations it will make but also for the message it will send about the country’s commitment to a sustainable future. How the government responds to these expectations will be a decisive factor in determining the country’s energy landscape and its role in the global green revolution.
