In Budget 2024, India’s renewable energy sector has outlined several key demands to boost growth and support the nation’s green energy transition. Firstly, the industry is seeking enhanced financial incentives, such as tax breaks and subsidies, to reduce the cost of renewable energy projects and make them more attractive to investors. This includes extending the Production Linked Incentive (PLI) scheme to cover more renewable technologies and components.
Source:- BBC News
Secondly, there is a call for increased funding for research and development in emerging technologies like hydrogen energy and energy storage systems, which are crucial for achieving India’s net-zero targets. Additionally, the sector emphasizes the need for improved infrastructure, particularly in grid expansion and modernization, to handle the increasing supply of renewable energy and ensure efficient distribution.
Source:- India today
Policy stability is another significant demand. The industry is urging the government to provide clear, long-term policy frameworks that will encourage sustained investment and growth. Lastly, there is a push for simplifying regulatory processes and reducing bureaucratic hurdles to accelerate project approvals and implementation. These measures are expected to drive India’s renewable energy capacity, contributing significantly to economic growth and environmental sustainability
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