Surat (Gujarat) [India], January 31: As we anticipate the upcoming interim budget, Navitas Solar, a leading solar manufacturing company, reflects on the significant strides made in the renewable energy sector in the past year and outlines expectations for further growth and support.
In 2023, India added a substantial 13.5 GW of renewable energy capacity, investing ₹74,000 crores. This accomplishment propelled India to the 4th position in both total renewable energy and wind power installed capacities and 5th in solar power capacity globally. Looking ahead to 2024-25, the government aims for 29.91% of the total energy to be sourced from renewable energy, adhering to the Renewable Purchase Obligation (RPO). This commitment is set to increase to 43.33% by 2029-30, demonstrating a strong push towards sustainable energy sources.
The Ministry of New and Renewable Energy (MNRE) has recently augmented the Central Financial Assistance (CFA) for residential consumers adopting rooftop solar projects. The increased CFA of Rs. 18,000/kW for 1-3 kW capacity and Rs. 9,000/kW for 3-10 kW projects showcases the government’s commitment to promoting solar adoption among households.
A noteworthy introduction is the green credit program, incentivizing environmentally positive actions through a market-based mechanism. Tradable green credits, available on a domestic market platform, aim to encourage and reward sustainable practices.
Prime Minister Narendra Modi’s announcement of the ‘Pradhanmatri Suryoday Yojana’ is a monumental step towards self-reliance. The plan is focusing on installing solar rooftops on one crore houses, not only aims to reduce electricity bills but also projects India as a self-reliant nation. This initiative is expected to attract investments of up to ₹12,500 crores, expand solar capacity beyond 30 GW, generate employment, and boost local manufacturing of solar products.
Commending the Delhi government’s recent move with the Delhi Solar Policy 2024, Navitas Solar acknowledges the efforts to encourage solar rooftops. The policy promises zero electricity bills for consumers and halved tariffs for commercial and industrial users upon installing rooftop solar panels.
Expressing gratitude to the Indian government for promoting renewable energy, Navitas Solar anticipates the interim budget with hopes for additional policies and financial incentives, especially for MSME-scale solar manufacturing companies. Encouraging domestically manufactured products aligns with the ‘Aatmanirbhar Bharat’ initiative. The company looks forward to a sustainable budget, seeking economic schemes that support eco-friendly products, contributing to the national goal of achieving 500 GW of renewable energy by 2030.
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