India's Budget 2024: Crucial measures FM Sitharaman can take to pave the way for a green energy revolution
green energy has become a pivotal area of focus. India, with its vast population and burgeoning economy, stands at a critical juncture as our energy consumption patterns evolve, with a noticeable shift towards renewable sources. Today, India's green energy sector is at a nascent stage but poised for exponential growth. The expectation from the upcoming Budget is high as stakeholders anticipate strategic initiatives from the Indian government to accelerate this transition.
India's commitment to green energy sector is evident from its ambitious target of achieving 175 GW of renewable energy capacity by 2022, and the more recent goal of achieving 500 GW by 2030. Renewable energy accounts for over 42% of the country's installed power capacity at present with solar and wind energy with the largest share in the green energy mix. However, to sustain this momentum and meet future requirements, a robust policy framework and financial support are imperative.
India is the third-largest energy consumer globally and the fourth-largest in renewable energy installed capacity. Many countries are taking aggressive steps to promote green energy. For instance, the US offers tax credits for renewable energy investments, and China has a comprehensive system of subsidies and quotas. In comparison, India's green energy incentives are modest. However, the country's vast market potential and strategic initiatives like the International Solar Alliance (ISA) position it as a significant player in the global arena.
Green financing, which
