While presenting the budget, Finance Minister Nirmala Sitharaman said that the PM Suryaghar Muft Bijli Yojana has been launched to install rooftop solar panels to provide 1 crore households with up to 300 units of free electricity each month.
The Finance Minister also announced a policy to promote pumped storage projects, aiming to enhance electricity storage and seamlessly integrate the growing share of variable renewable energy into the overall energy mix. Additionally, she mentioned that NTPC and BHEL will jointly set up an 800 MW supercritical thermal power plant with improved efficiency.
Sitharaman has also proposed to expand the list of exempted capital goods used in manufacturing of solar cells and panels.
“Solar energy and energy transition are critical in the fight against climate change. To support the energy transition, I propose to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, in view of the sufficient domestic manufacturing capacities for solar glass, glass, and thinned copper interconnect, I propose not to extend the exemption of customs duties provided to them,” said Union Finance Minister Nirmala Sitharaman.
The 2023-24 Union Budget had allocated Rs 7,327 crore to the solar power sector, a 48% increase from the previous Rs 4,979 crore. Rooftop solar has gained prominence, highlighted by the Pradhan Mantri Suryodaya Yojana, which provides power through rooftop solar installations and offers compensation for excess electricity.
The Finance Minister announced an INR 6,250 crore allocation for the PM Suryaghar Muft Bijli Yojana, the residential rooftop solar scheme, for 2024-25. “In line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it,” said the minister.
Additionally, a roadmap will be developed to shift ‘hard-to-abate’ industries from ‘energy efficiency’ targets to ‘emission targets’. Regulations will be introduced to transition these industries from the current ‘perform, achieve, and trade’ system to the ‘Indian carbon market’ framework.
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Resource: The Economic Times
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