AS THE FIRST UNION BUDGET that comes in the wake of the historic cli-mate summit in Glasgow (COP26) in 2021, Union Finance Minister, Nirmala Sitharaman’s focus on energy transition and climate action did not come as a surprise at all. Her key announcements for the energy sector accelerates India’s energy transition, setting a roadmap not just for the year 2030, but for 2070 in the long term, when India proposes to reach its net-zero carbon emission targets.
Presenting her fourth Union Budget for FY 2022-2023, Sitharaman said that this budget would steer the Indian economy towards India @ 100. She defined the 25-year-long lead up to 2047 as the Amrit Kaal. Her top four priorities included progress toward a digital economy, focus on fintech and technology-enabled development, apart from the energy transition and climate action.
Solar energy and emphasis on strengthening the energy storage infrastructure remain the focus of the government in the renewable energy sector. The launch of sovereign green bonds will fund the transition to renewable energy and so reduce India’s carbon footprint in the long run. The states will get some fiscal room for power sector reforms to alleviate the financial health of distribution companies.
Solar PLI Scheme’s Corpus Grows
India aims for 280 GW of installed solar capacity by 2030 and needs to encourage indigenous manufacturing of components. The additional allocation of Rs 19,500 crore for the production linked incentive (PLI) scheme for manufacturing components for solar power should facilitate achieving this goal. The allocation is nearly a five-fold increase from the Rs 4,500 crore allocated earlier, bringing the total outlay of the incentives for domestic production of solar power components to Rs 24,000 crore.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Is Leadership Without Hierarchies Possible?
LEADERSHIP IN THE current era is more challenging than ever before.
The Rise and Evolution of Coffee Culture in India
AS A BANGALORE native, South Indian filter ‘Kaapi’ has always been a significant part of our tradition.
The Daily Ground Goes Desi
Success in Tier-2 and Tier-3 cities hinges on several key factors, with one of the most important being the ability to offer high-quality products at an accessible price point
Cracking The Indian Code
TARUN JAIN, CEO of Tim Hortons India believes in creating an experience at cafes by blending global quality, local flavours and affordability
Making Coffee the New Chai in India
Affordable, great-tasting coffee made fast-abCoffee is reshaping how India drinks coffee
Scripting A New Era Of Coffee In India
From a bootstrapped startup to international expansion, NOTHING BEFORE COFFEE is brewing its way to the top by challenging the giants of the coffee industry with innovation, personalisation, and sustainability
"Driven By A Younger Demographic, Coffee Culture Is On The Upswing"
SUNIL D'SOUZA, Managing Director and CEO of Tata Consumer Products, discusses the company's strategic growth in India's booming coffee market, focusing on premiumisation, innovation, and expanding consumer experiences both at home and in cafés, in this exclusive conversation with BW Businessworld's Tarannum Manjul
Fresh Brew, Big Ambitions
From startups to stores, Beanly's Samayesh Khanna and Rahul Jain elevate India's coffee culture by making freshly brewed coffee a daily delight
"On Track To Become India's Top Café Chain"
In an exclusive interview, RAJAT AGRAWAL, CEO of Barista Coffee, shared insights on the company's current market position, expansion strategies, and its response to growing competition
"Ensuring A Seamless Coffee Experience Outside The Cafe Is The Next Big Thing To Watch Out For"
In an exclusive conversation with BW Businessworld's Resham Suhail, Third Wave Coffee CEO RAJAT LUTHRA and its Co-founder AYUSH BATHWAL delve on how they are navigating the competitive landscape, going beyond retail and tapping changing consumer preferences