Budget allocations for solar, deep tech gets industry’s thumbs-up

India's energy transition: The renewable energy stocks opened with a sharp increase after Finance Minister Nirmala Sitharaman’s Budget announcements regarding rooftop solar installations and incentives for the makers of semiconductor devices.  

Nishi Chandra, Head Marketing, Loom Solar welcomed announcements made by Finance Minister Nirmala Sitharaman during her sixth Budget speech on the government’s schemes related to housing for the middle class and solar-produced electricity.   

“With the focus on building homes for the underserved, rooftop solarisation, and free electricity, foundations of “Atma Nirbharta” for electricity have been strengthened in this interim budget by the government,” Chandra said. “This paves the way for a thrust in the solar sector for a larger purpose of enabling the citizens of our country besides youth working in the solar sector to be more productive for nation building leading to the Viksit Bharat Vision," Chandra added. 

Vedanta’s semiconductor business 

The interim Union Budget’s focus on modern infrastructure, deep tech capacities, upskilling and reskilling the workforce will help the country strike a balancing act of adapting to Artificial Intelligence (AI), and simultaneously ensure skilling of the workforce.   

“The Budget’s focus on modern infrastructure, deep-tech capacities, upskilling and reskilling our workforce, as well as innovation and entrepreneurship, the budget charts a confident path to India's $5 trillion economy ambition as we stride towards Viksit Bharat,” said Akarsh Hebbar, Global Managing Director of Vedanta’s Semiconductor and Display Businesses. 

The interim Union Budget reflects a forward-looking vision for our nation's growth, with a strong focus on developing domestic technology capabilities, Hebbar said. “Central to this journey is the development of India's hi-tech electronics manufacturing industry, for which the government has bolstered allocation by 130 per cent, providing a strong impetus to business ventures in semiconductor and display manufacturing,” Hebbar added.