Pune: Renewable energy and sustainability sector industry leaders have welcomed the Union Budget 2024-25 stating that the budget outlines a robust plan for renewable energy sector.

Suhas Baxi, Co-founder and CEO of Pune-based BioFuelCircle said, “The goal to invest ₹30.5 lakh crore in renewable energy by 2030 strengthens the pathway towards greener and cleaner energy.

Supporting small rural enterprises, providing easy access to working capital, and offering competitive financing rates will help drive circular economic practices. Incentivizing the use and production of green fuels and biofertilizers is crucial for India's energy security and sustainability goals."

Saurabh Marda, Co-founder and Managing Director Freyr Energy said, "The budget has been highly favorable for the energy sector, with the government setting an ambitious goal of achieving 500 GW of renewable power by 2030.

A key component of this plan is encouraging homeowners to adopt solar energy, facilitating a swift transition to solar power. To support this, the government has allocated ₹70,000 crores in subsidies for homes that switch to solar energy. This is a crucial and forward-thinking initiative for the country's future.”

Amit Jain, Global Chief Executive Officer, Sterling and Wilson Renewable Energy Group said, "We commend the government’s move to support energy transition by expanding the list of exempted capital goods for use in the manufacture of solar cells and panels in the country.

The PM Surya Ghar Muft Bijli Yojana which involves installation of rooftop solar plants to enable one crore households obtain free electricity is a step in the right direction and shall promote a more sustainable future.

The announcement to fully exempt 25 critical minerals and reduce BCD on two of them will assist the renewable energy sector, since it shall provide a major fillip to the processing and refining of such minerals and help secure their availability.

The proposed policy to promote pumped storage projects for electricity storage will help facilitate smooth integration of growing renewable energy share thereby reducing challenges posed by its variable and intermittent nature.

Expansion of India’s renewable energy infrastructure - both greenfield and brownfield will require skilled workforce to ensure efficient project execution, while reducing cost and time overruns. We therefore welcome the government’s focus towards upskilling 20 lakh youth over a 5-year period and upgrading 1000 Industrial Training Institutes.”