From solar to pump hydro storage - Budget 2024 is for India’s energy transformation.

Lobelsolar - Energy transition remain a key focus area for the government with solar, nuclear and pump hydro storage getting a policy push with industry experts saying it will provide a major fillip to the capacity addition in the renewables sector.

Finance Minister Nirmala Sitharaman said that PM Surya Ghar Muft Bijli Yojana launched in January this year to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month has received an overwhelming response with more than 1.28 crore registrations and 14 lakh applications.

Details showed that the government allocated Rs 8,500.35 crore to solar power (grid), showing a rise of nearly 79% against the revised estimates of the Budget 2023-2024.

With an objective to further boost the renewable sector, the government in Union Budget 2024 allocated Rs 19,100 crore to the Ministry of New and Renewable Energy against Rs 12,850 crore allocated in the Interim Budget in February. The revised estimates came at Rs 7,848 crore for the Budget 2023-2024.

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