Union Budget 2024 | 'Government’s focus on clean energy transition continues', says Director of CRISIL Ratings

Ankit also said, 'Expanding the list of exempted capital goods in manufacturing solar cells and modules will bring down the cost of domestic production and accelerate energy transition.'

Union Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25 on Tuesday, her seventh straight presentation, surpassing the record of former prime minister Morarji Desai.

This is the first budget in Prime Minister Narendra Modi-led government's third term in office.

Ankit Hakhu, Director, CRISIL Ratings said, “The government’s focus on clean energy transition continues. PM Surya Ghar Muft Bijli Yojana is one such scheme which was launched earlier during the year with a target to solarise rooftops of 1 crore households with budget outlay of Rs 75000 crore. The scheme has already seen healthy traction, with over 1.28 crore registrations and 14 lakh applications. The government also announced its intention to bring out a policy on pumped storage, supporting a sustainable transition which addresses the issue of intermittency in renewables generation."

"Additionally, expanding the list of exempted capital goods in manufacturing solar cells and modules will bring down the cost of domestic production and accelerate energy transition. Although nascent, steps towards exploration of public-private partnership in nuclear energy, especially development of small modular nuclear reactors, can help scale up nuclear energy capacity in the country as well, further supporting the sustainability push in the energy segment," he added.

Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.