Updated February 1st, 2024 at 17:05 IST
Budget 2024: 300 Units of Free Electricity Every Month to One Crore Households
FM Nirmala Sitharaman announced that one crore households will be enabled to obtain upto 300 units of free electricity every month through rooftop
New Delhi: A batch of measures for the promotion of the renewable energy was announced by the central government while putting forward the Interim Budget 2024-2025 in Parliament on Thursday.
In her Budget speech today, Finance Minister Nirmala Sitharaman announced that one crore households will be enabled to obtain upto 300 units of free electricity every month through rooftop solarization.
The benefits of solarization, according to the government, are expected to include: charging of electric vehicles; entrepreneurship opportunities for numerous vendors for supply and installation; employment opportunities for young people with technical skills in manufacturing, installation, and maintenance; and savings of up to Rs 15,000-18,000 crore annually for households from free solar electricity and selling the surplus to the distribution companies.
Finance Minister Sitharaman suggested viability gap funding for utilizing offshore wind energy potential for an initial capacity of one gigawatt and coal gasification and liquefaction capacity of 100 MT to be set up by 2030 in order to satisfy the commitment of "net-zero" by 2070.
Additionally, this will lessen the need to import ammonia, methanol, and natural gas.
Phased mandatory blending of Compressed Bio Gas (CBG) in Compressed Natural Gas (CNG) for transport and Piped Natural Gas (PNG) for domestic purposes to be mandated.
Financial assistance is to be provided for the procurement of biomass aggregation machinery to support collection.
Further, she said her government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure adding that greater adoption of e-buses for public transport networks will be encouraged through a payment security mechanism.
To promote the green growth, Sitharaman proposed a new scheme of bio-manufacturing and bio-foundry which will provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs.
"This scheme will also help in transforming today's consumptive manufacturing paradigm to the one based on regenerative principles," she added.
The interim budget, tabled today, will take care of the financial needs of the intervening period until a government is formed after the Lok Sabha polls after which a full budget will be presented by the new government in July.
With this Budget Presentation, Sitharaman equalled the record set by former Prime Minister Morarji Desai, who as finance minister, presented five annual budgets and one interim budget between 1959 and 1964.
The Budget Session of Parliament commenced on Wednesday with President Droupadi Murmu addressing a joint sitting of Lok Sabha and Rajya Sabha.
The Indian economy is projected to grow close to 7 per cent in the financial year 2024-25 which starts this April, said the Ministry of Finance in a review report.
India's economy grew 7.2 per cent in 2022-23 and 8.7 per cent in 2021-22. The Indian economy is expected to grow 7.3 per cent in the current financial year 2023-24, remaining the fastest-growing major economy. (With inputs from ANI)
Published February 1st, 2024 at 16:28 IST