Budget 2024: Green energy sector pitches for GST cut, easier FDI norms. Here is the wishlist
Union Budget 2024: With India’s ambitious clean energy targets reaching a fever pitch, all eyes of the renewable energy sector are set on the upcoming Union Budget 2024. Seen as a pivotal instrument in propelling the nation’s green agenda, the Budget holds the key to unlocking investments, streamlining policies, and accelerating the transition towards sustainable practices.
A collective vision of 500 GW of renewable energy by 2030 served as the North Star for the sector, and key figures have outlined critical expectations to ensure smooth sailing. Also Read | Budget 2024: Real estate sector bats for GST revision, tax sops to boost affordable housing — here is a wishlist Stakeholders called for higher capital expenditure in renewable energy, particularly in bioenergy, solar, and wind projects.
Investments in green hydrogen and battery storage infrastructure are crucial to meet the challenging targets. “PLI schemes for renewable manufacturing and viability gap funding for battery storage are imperative," said Gaurav Kedia, Chairman of the Indian Biogas Association.
“Addressing India’s dependence on solar panel imports, which reached $1.13 billion in the first half of the current financial year, is a pressing concern. Therefore, the Budget should incorporate measures to promote indigenous development, facilitate technology transfer, and incentivise localised manufacturing initiatives to conserve foreign exchange.
More proactive measures and fiscal incentives should be provided and efficiently implemented to make India a BESS manufacturing and R&D hub," said Vaibhav Roongta, Chief Business Officer - Rays Power Infra. To boost hydrogen’s competitiveness, addressing the Goods and Services Tax (GST) rates is imperative.
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