Mr. Prashant Mathur CEO of Saatvik group shares valuable insights on the Union Budget for the financial Year 2023-24.

The union budget, which was announced yesterday, was essentially a combination of possibilities and commitments that portrayed the Vision to achieve net zero emissions by 2030.

The budget highlights the government’s commitment to greener energy mediums. The VGF grant and custom duty incentives for battery storage are especially pertinent as the Indian Grid prepares to absorb greater RE capacity.

The government of India has allocated Rs.35000 crore in priority capital investment for the energy transition in order to meet India’s aim of net zero carbon emissions, demonstrating the government’s importance and vision.

“The budget is forward-thinking and advantageous to the power sector. The Green Growth Statement is extensive, including a goal for the green hydrogen mission costing Rs 19,700 crores, which will surely expedite the energy change. The establishment of a green energy corridor in Ladakh is a positive move. We applaud the Rs. 35,000 crore capital investment to achieve the net zero target, but we look forward to getting the policy in its entirety. With this budget release, we are encouraged to continue the rapid development of energy production, equipment manufacture, and energy storage capacity building. To achieve the net-zero goal by 2070, we will need to continue to strengthen industry-government partnership.