India’s 2024 Budget Focuses on Energy Security: New Initiatives for Renewable and Nuclear Power
News Mania Desk/Agnibeena Ghosh/24th July 2024
In her budget speech for the fiscal year 2024-2025, Finance Minister Nirmala Sitharaman unveiled a series of strategic initiatives designed to enhance India’s energy security. These measures emphasize the importance of a diversified and sustainable energy approach, integrating renewable sources, nuclear power, and energy efficiency while continuing to support traditional industries. The objective is to create a well-rounded and sustainable energy framework that ensures long-term stability and resilience.
One of the key announcements is the forthcoming policy document on energy transition pathways. This crucial document will outline a strategic approach to achieving a balanced energy transition, aiming to reconcile job creation, economic growth, and environmental sustainability. By providing a comprehensive roadmap, it seeks to guide the country towards a more resource-efficient and environmentally friendly energy system. This initiative underscores the government’s commitment to ensuring a robust and sustainable energy infrastructure for the future.
Additionally, the PM Surya Ghar Muft Bijli Yojana has been introduced as part of the government’s broader effort to promote renewable energy at the grassroots level. This scheme is designed to support the installation of rooftop solar panels, allowing up to one crore households to receive free electricity for up to 300 units per month. The response to this initiative has been overwhelmingly positive, with over 1.28 crore registrations and 14 lakh applications already received. The government is keen on expanding this program to further encourage the adoption of solar energy among households, thereby contributing to the country’s renewable energy goals.
These measures reflect the government’s strategic focus on diversifying India’s energy sources and enhancing energy security. By investing in both renewable and nuclear energy, alongside promoting energy efficiency and supporting traditional sectors, the aim is to foster a balanced and sustainable energy landscape. The emphasis on rooftop solar installations and the development of a comprehensive energy transition policy are steps towards building a more resilient and environmentally responsible energy future for India.
