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.

Next Story
Infrastructure Energy

REC wins Gold Shield in ICAI Award for Excellence in Financial Reporting

REC Limited, a Maharatna Public Sector Enterprise and a leading NBFC- IFC under the Ministry of Power, Government of India, has been awarded ‘Gold Shield’ under the ‘Financial Services Sector (Other than Banking and Insurance)’ category ‘ICAI Awards for Excellence in Financial Reporting for the financial year 2023-24’. The prestigious recognition reflects the commitment of our Company to excellence in financial reporting, transparency and adherence to the highest standards of accounting practices. The selection has been made based on the company’s accounting practices, policies ..

Next Story
Infrastructure Urban

Cooper Inaugurates State-of-the-Art Tractor Plant

Cooper Corporation, a globally renowned manufacturer of engines, engine components and generators, proudly inaugurated its state-of-the-art Tractor Plant in Satara, Maharashtra, on 1st February 2025. The event also marked the launch of the company’s first-ever tractor, the Cooper Tractor NDC Series, designed to revolutionize farming with its superior performance, fuel efficiency and innovative engineering. The inauguration ceremony was graced by Ch. ShivendraRaje Bhosale, Hon’ble Cabinet Minister for Public Works, Government of Maharashtra, as the Chief Guest. The event was also attended ..

Next Story
Infrastructure Energy

NMDC Records Best Ever Monthly Production in January 2025

State-owned NMDC produced 5.10 million tonnes (MT) and sold 4.48 MT of iron ore in January 2025. This strong performance sets a positive outlook for the year ahead. As NMDC remains focused on achieving record volumes in the upcoming fiscal year, cumulative production and sales stood at 35.87 MT and 36.22 MT, respectively, up to January 2025. The production performance in January 2025 is up by 12.33 per cent over the corresponding period last year (CPLY), reaching 5.10 MT, which is the best ever January month production since inception. This great start of the year underscores NMDC's commitme..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000