According to executives in renewable energy, the next Budget 2023 has the potential to speed up India's decarbonization process along several different avenues. They stated that policy continuity is essential to attracting investments into green projects and that they anticipate the Budget would include the MSME sector in the production-linked incentive (PLI) scheme.
Expectations from the government to further press the pedal on India's decarbonization journey are ripe, according to Mahesh Palashikar, President, GE, South Asia. He claimed that by fostering a supportive political environment for green energy, the government has done well in acknowledging the significance of the energy transition. "Budget may further accelerate India's decarbonization journey along a number of pathways, particularly in encouraging manufacturing for wind power and creating strong finance models across India's decarbonization
activities," he said. According to Palashikar, wind energy is essential for generating electricity around-the-clock and can help the nation achieve its goal of producing green hydrogen. He continued, "The Budget should take into account allocations like a PLI scheme for an improved national manufacturing ecosystem for large-scale wind turbines and related components that will lower the overall levelized cost of wind power generation, promote adoption, and enable higher Indian exports to the global market.
Additionally, he said that this Budget offered a chance to create substantial carbon markets and green financing options by allocating funds to support energy providers and producers. This can also entail encouraging investors and developing a solid framework for both onshore and offshore funding. The CEO of the ACME Group, Rajat Seksaria, stated that he does not anticipate any policy changes in the next Budget.
"After consulting with the stakeholders, the government has boosted the renewable energy sector and made a few remedial measures. The Union Budget is not anticipated to contain any changes in policy. "Policy continuity is essential to attract investments into green projects and is required to realise the ambitious expansion of renewable power," Seksaria said.
According to Gautam Mohanka, managing director of Gautam Solar, the sector remains upbeat in advance of the Budget 2023, with high aspirations to fuel the nation's sustainable economic growth. "We anticipate the PLI scheme's inclusion of the MSME sector; as a result, solar manufacturing in India will receive an additional boost. We anticipate a considerable decrease in the industry's interest rates as well, he continued.
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