+
Budget Boost for Solar, EVs, and Nuclear SMRs to Enhance Energy Security
POWER & RENEWABLE ENERGY

Budget Boost for Solar, EVs, and Nuclear SMRs to Enhance Energy Security

In a significant move towards modernizing energy infrastructure, the central government is gearing up to prioritise advancements in the electricity sector in the upcoming 2024-25 budget, with a strong focus on renewable energy sources. Anujesh Dwivedi, partner at Deloitte India, mentioned that the government aims to localise the manufacturing base for solar, hydrogen, and batteries, influenced by global geopolitical shifts post-COVID19.

According to Dwivedi, it is expected that the budget will strengthen the government's commitment to these sectors by further supporting local manufacturing capabilities aligned with global energy transition trends.

The government's upcoming fiscal policies are anticipated to emphasize the resilience of electricity infrastructure, aiming to mitigate the impacts of increasingly severe weather events linked to climate change. This includes significant allocations towards digitizing electrical grids to facilitate the integration of Distributed Energy Resources (DERs) and enhance capacity to manage peak demands.

India, having achieved a milestone of adding 18 GW of solar capacity in FY24, faces the challenge of scaling up annual renewable energy capacity to approximately 50 GW to achieve a 2030 target of 500 GW of non-fossil fuel generation. Dwivedi noted that expanding renewable capacity on this scale requires not only continuing existing initiatives but also a focused effort, particularly towards corporate contributions to renewable energy and offshore wind projects.

The budget is also expected to highlight emerging energy technologies such as electric vehicles (EVs), green hydrogen, and Nuclear Small Modular Reactors (SMRs), deemed crucial for enhancing India's energy security and reducing dependency on fossil fuels.

Dwivedi indicated that investments in the upcoming budget are likely to include substantial support for improving transmission and distribution infrastructure. This will be accompanied by strategic measures to digitize the grid, enhancing its capability to manage the requirements of a modern, decentralized energy system.

Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for FY25 on July 23, following a Budget session starting on July 22 and concluding on August 12.

In a significant move towards modernizing energy infrastructure, the central government is gearing up to prioritise advancements in the electricity sector in the upcoming 2024-25 budget, with a strong focus on renewable energy sources. Anujesh Dwivedi, partner at Deloitte India, mentioned that the government aims to localise the manufacturing base for solar, hydrogen, and batteries, influenced by global geopolitical shifts post-COVID19. According to Dwivedi, it is expected that the budget will strengthen the government's commitment to these sectors by further supporting local manufacturing capabilities aligned with global energy transition trends. The government's upcoming fiscal policies are anticipated to emphasize the resilience of electricity infrastructure, aiming to mitigate the impacts of increasingly severe weather events linked to climate change. This includes significant allocations towards digitizing electrical grids to facilitate the integration of Distributed Energy Resources (DERs) and enhance capacity to manage peak demands. India, having achieved a milestone of adding 18 GW of solar capacity in FY24, faces the challenge of scaling up annual renewable energy capacity to approximately 50 GW to achieve a 2030 target of 500 GW of non-fossil fuel generation. Dwivedi noted that expanding renewable capacity on this scale requires not only continuing existing initiatives but also a focused effort, particularly towards corporate contributions to renewable energy and offshore wind projects. The budget is also expected to highlight emerging energy technologies such as electric vehicles (EVs), green hydrogen, and Nuclear Small Modular Reactors (SMRs), deemed crucial for enhancing India's energy security and reducing dependency on fossil fuels. Dwivedi indicated that investments in the upcoming budget are likely to include substantial support for improving transmission and distribution infrastructure. This will be accompanied by strategic measures to digitize the grid, enhancing its capability to manage the requirements of a modern, decentralized energy system. Finance Minister Nirmala Sitharaman is scheduled to present the Union Budget for FY25 on July 23, following a Budget session starting on July 22 and concluding on August 12.

Related Stories

Gold Stories

Next Story
Real Estate

Kamdhenu Realities acquires 4-acre Navi Mumbai land parcel

Kamdhenu Realities has acquired a 4-acre land parcel from RPG Life Sciences on Thane-Belapur Road for approximately Rs 1.5 billion, expanding its commercial real estate portfolio in Navi Mumbai.The parcel has a total developable potential of 1.8 million sq ft, on which Kamdhenu plans to develop a destination-scale commercial and lifestyle ecosystem. The proposed development will combine corporate office suites with high-street retail, F&B outlets, double-height lobbies, business infrastructure and lifestyle amenities.Located close to IKEA and opposite the upcoming Pawane Railway Station, t..

Next Story
Infrastructure Transport

97 Per Cent Of Rongjeng-Mangsang-Adokgre Road Nears Completion

Deputy Chief Minister in-charge of public works Prestone Tynsong said in Shillong on 26 August that 97 per cent physical progress had been achieved on the ongoing Rongjeng-Mangsang-Adokgre road being constructed under the Non-Lapsable Central Pool of Resources (NLCPR). He noted the project was sanctioned in 2017 and that the stipulated time for completion had been 24 months from issue of the final work order. The deputy chief minister informed the assembly that the government had decided to include the remaining work under a World Bank project. In reply to a query from Rongjeng MLA Jim M Sangm..

Next Story
Infrastructure Transport

First TBM Starts Digging Five Point Three Kilometre Tunnel Under SGNP

The Goregaon-Mulund Link Road (GMLR) Phase three (B) project has reached a key milestone as the first tunnel boring machine (TBM) began excavation of the first of two tunnels beneath the Sanjay Gandhi National Park (SGNP). The machine, named Tulsi, started cutting a five point three kilometre bore that will link Dadasaheb Phalke Chitranagari in Goregaon East with Amar Nagar in Mulund West. Officials issued a statement noting the commencement of tunnelling work under the protected green belt. The twin tunnels are being constructed using mechanised tunnelling methods that aim to limit surface di..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code