- Finance Minister Nirmala Sitharaman unveiled India’s renewable energy capabilities and important measures in the Interim Budget 2024.
- A joint venture between NTPC and BHEL is set to establish an 800 MW supercritical thermal power plant.
- The Indian government has launched the PM Suryaghar Muft Bijli Yojana to install rooftop solar panels to provide free electricity up to 300 monthly units to 1 crore households.
Finance Minister Nirmala Sitharaman unveiled a future-focused Union Budget 2024. She announced key initiatives to enhance India’s renewable energy capabilities and important measures in the Interim Budget 2024-25, paving the path for the nation to becoming a greener economy. The PM Suryaghar Muft Bijli Yojana was introduced to install rooftop solar panels to provide free electricity up to 300 monthly units to 1 crore households.
The government plans to support pump storage projects to ensure a round-the-clock energy supply. A joint venture between NTPC and BHEL will establish an 800 MW supercritical thermal power plant, enhancing power generation efficiency.
Solar energy plays a crucial role in India’s ambition to generate 500 GW of renewable energy by 2030, pivotal in reducing dependence on fossil fuels and combatting climate change. Sitharaman referenced the previous interim budget, highlighting the rooftop solar program’s benefits and alignment with the Prime Minister’s vision, particularly commemorating the consecration of Sri Ram Mandir in Ayodhya.
Substantial allocations were made for the solar power sector, including grid, off-grid, and PM-KUSUM projects, in previous budgets. The focus on rooftop solar installations has gained momentum, with schemes like Pradhan Mantri Suryodaya Yojana aiming to leverage solar power for household electricity needs and promote surplus electricity sales.
Despite revised initial targets, the government remains committed to scaling up rooftop solar capacity, recently increasing financial assistance to incentivize residential installations. This move is part of broader efforts to expand solar energy adoption, create employment opportunities, and bolster India’s renewable energy infrastructure.