Will the budget 2023 boost the renewable energy sector?

On February 1, the Budget for fiscal year 2023-24 will be presented to the parliament. Amidst the rising concern for climate change and increasing pollution, the new budget is expected to be a blessing as finance minister Nirmala Sitharam has announced plans to install 500 GW of renewable energy capacity by 2030.

- Pritha Misra

India has taken the lead in enhancing energy availability, security, and climate change mitigation. In order to advance the share of renewable energy in India's total energy composition, the Indian government has implemented several policy efforts that foreshadow this ambition. In order to advance its "Atma nirbhar Bharat" or "made in India strategy" and pave the way for India's independence, the government has imposed a basic customs levy in India on solar cells and modules imported from China. The Government of India additionally provided 19,500 crores to production-linked incentive programmes for solar energy modules in the 2022-2023 Union Budget. Additionally, the government has made it simple for consumers to acquire green energy by giving them open access, and it has streamlined the process of registering for and trading in renewable energy certificates in order to incentivize businesses and people on a smaller scale (RECs). The Central Electricity Regulatory Commission's (CERC) general network access requirements were added to these po