Union Budget 2024 can be crucial for India's manufacturing sectors
ECONOMY & POLICY

Union Budget 2024 can be crucial for India's manufacturing sectors

As Union Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2024?25 on July 23, leaders from the critical materials, energy, and manufacturing sectors have outlined their expectations for significant reforms and policy support. With the budget session starting on July 22, these leaders stress the need for strategic measures to enhance India's global competitiveness and drive sustainable growth.
Rajat Verma, Founder & CEO of LOHUM, emphasised the need for ecosystem-positive measures for the critical materials sector. "We hope the upcoming budget establishes long-standing ecosystem-positive measures such as the Extended Producer Responsibility floor price to promote a sustainable critical materials sector in India and establish India as a global leader," Verma said. He called for a PLI scheme for recycling secondary materials and highlighted the need for GST rationalisation across scrap categories and technology partnerships with established Indian players.
Pratik Agarwal, MD of Sterlite Power and Chairman of Serentica Renewables, highlighted the power sector's anticipation for major reforms. "As we approach the Union Budget, the power sector eagerly anticipates crucial reforms. I hope for comprehensive measures to achieve a turnaround in discoms," Agarwal noted. He advocated for extending the full ISTS waiver for another two years and policies to source competitive components globally. Agarwal emphasised the importance of integrating extensive energy storage solutions and exploring technologies like small modular nuclear reactors (SMRs) to diversify India's energy mix.
Rajeev Kashyap, VP and MD of Nextracker India, emphasised the budget's role in reaffirming the government's commitment to renewable energy. "We anticipate the new government will reaffirm its commitment to renewable energy, particularly in innovation, local manufacturing, technological integration, and R&D within the solar energy sector," Kashyap stated. He called for lowering GST rates on solar devices and systems to spur domestic manufacturing and amplify project returns. Kashyap also stressed the need for policies to strengthen battery storage and develop a skilled workforce for the renewable energy industry.
Amit Jain, CEO and Country Manager of ENGIE India, expressed anticipation for the budget's support for renewable energy initiatives. "ENGIE India eagerly awaits the Budget 2024 as a crucial step towards advancing renewable energy initiatives. Our vision is grounded in a future where renewable sources provide clean, reliable, and affordable power, with solar energy playing a central role in our commitment to achieving net zero carbon emissions by 2045," Jain said. He emphasised the need for a simplified regulatory environment to integrate renewables into the national grid and initiatives promoting public-private partnerships to develop distributed energy infrastructure.
Sirajuddin Ali, founder and CEO of Malitra India, highlighted the need for developing EV charging infrastructure. "Providing subsidies for this can significantly enhance the expansion and accessibility of charging networks across the country, encouraging more consumers to adopt EVs," Ali said. He also called for addressing GST input credit reversals for EV charger manufacturers and empowering MSMEs and startups in the charging business.
Vikram V, Vice President and Co-Group Head of Corporate Ratings at ICRA Limited, highlighted the need for support for renewable energy, energy storage projects, and strengthening the transmission and distribution network. "Given the healthy growth in electricity demand and the focus on renewable energy, measures supporting renewable energy, energy storage projects, and strengthening the transmission and distribution network are likely to continue in the coming budget," Vikram stated. He emphasised the importance of policy measures to promote the development of energy storage systems and incentives to promote the manufacturing of grid-scale battery systems.    

As Union Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2024?25 on July 23, leaders from the critical materials, energy, and manufacturing sectors have outlined their expectations for significant reforms and policy support. With the budget session starting on July 22, these leaders stress the need for strategic measures to enhance India's global competitiveness and drive sustainable growth.Rajat Verma, Founder & CEO of LOHUM, emphasised the need for ecosystem-positive measures for the critical materials sector. We hope the upcoming budget establishes long-standing ecosystem-positive measures such as the Extended Producer Responsibility floor price to promote a sustainable critical materials sector in India and establish India as a global leader, Verma said. He called for a PLI scheme for recycling secondary materials and highlighted the need for GST rationalisation across scrap categories and technology partnerships with established Indian players.Pratik Agarwal, MD of Sterlite Power and Chairman of Serentica Renewables, highlighted the power sector's anticipation for major reforms. As we approach the Union Budget, the power sector eagerly anticipates crucial reforms. I hope for comprehensive measures to achieve a turnaround in discoms, Agarwal noted. He advocated for extending the full ISTS waiver for another two years and policies to source competitive components globally. Agarwal emphasised the importance of integrating extensive energy storage solutions and exploring technologies like small modular nuclear reactors (SMRs) to diversify India's energy mix.Rajeev Kashyap, VP and MD of Nextracker India, emphasised the budget's role in reaffirming the government's commitment to renewable energy. We anticipate the new government will reaffirm its commitment to renewable energy, particularly in innovation, local manufacturing, technological integration, and R&D within the solar energy sector, Kashyap stated. He called for lowering GST rates on solar devices and systems to spur domestic manufacturing and amplify project returns. Kashyap also stressed the need for policies to strengthen battery storage and develop a skilled workforce for the renewable energy industry.Amit Jain, CEO and Country Manager of ENGIE India, expressed anticipation for the budget's support for renewable energy initiatives. ENGIE India eagerly awaits the Budget 2024 as a crucial step towards advancing renewable energy initiatives. Our vision is grounded in a future where renewable sources provide clean, reliable, and affordable power, with solar energy playing a central role in our commitment to achieving net zero carbon emissions by 2045, Jain said. He emphasised the need for a simplified regulatory environment to integrate renewables into the national grid and initiatives promoting public-private partnerships to develop distributed energy infrastructure.Sirajuddin Ali, founder and CEO of Malitra India, highlighted the need for developing EV charging infrastructure. Providing subsidies for this can significantly enhance the expansion and accessibility of charging networks across the country, encouraging more consumers to adopt EVs, Ali said. He also called for addressing GST input credit reversals for EV charger manufacturers and empowering MSMEs and startups in the charging business.Vikram V, Vice President and Co-Group Head of Corporate Ratings at ICRA Limited, highlighted the need for support for renewable energy, energy storage projects, and strengthening the transmission and distribution network. Given the healthy growth in electricity demand and the focus on renewable energy, measures supporting renewable energy, energy storage projects, and strengthening the transmission and distribution network are likely to continue in the coming budget, Vikram stated. He emphasised the importance of policy measures to promote the development of energy storage systems and incentives to promote the manufacturing of grid-scale battery systems.    

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