Green Energy Initiative 2024 : Major Energy And Sustainability Initiatives Announced In Budget 2024
Updated: 28-01-2025 at 6:31 AM
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Energy is one of the most important aspects that a country makes decisions on since it is a valuable fuel for running a nation. Be it electricity, nuclear energy or any other form, it is crucial for the survival of a nation.
The Union Budget 2024 identified energy as one of its centres of attention. Energy security is India’s goal and thus the government keeps announcing different schemes from time to time. The government not only wishes to create valuable energy spheres for trade, defence and other operations but also for households.
The goals of Union Budget 2024 about energy are making energy available, affordable and sustainable. Let us read more about the details of key announcements of Budget 2024.
What Are The Key Announcements In Budget 2024?
The major announcements and new initiatives related to energy security were made by Finance Minister Nirmala Sitharaman. Let us look at these!
PM Surya Ghar Muft Bijli Yojana
The Pradhan Mantri Surya Ghar Muft Bijli Yojana has an ambition of providing 300 units of free electricity to every household. The scheme promotes the installation of solar panels on roofs in households, promoting solar energy. The FM shared that the renewable energy scheme has seen an overwhelming response from households and has already seen over 1.28 crore registrations and 14 lakh applications. The free solar panel scheme also provides solar panel installation at subsidised rates.
To know about this scheme in detail, read this article by Jaagruk Bharat titled, ‘Surya Ghar Muft Bijli Yojana: A Step towards Green and Clean Rural India’.
Electricity Storage Facility
The Finance Minister in her speech vowed to develop and promote pumped storage projects for electricity. This will help in better storage of electricity and will also bring in more renewable energy into the grid. These storage facilities are important since power generated by solar or other renewable sources is not always regular.
Nuclear Energy
Nuclear energy is essential for the country’s development in multiple fields. The government announced that it wishes to invest in the nuclear energy sector and also partner with the private sector to promote, develop and set up Bharat Small Modular Reactors.
These small modular reactors are mobile and have up to 300 megawatts of capacity. Furthermore, these need not be built on-site but can also be factory-manufactured.
Thermal Energy
Advanced Ultra SuperCritical (AUSC) thermal power plants are being completed as they possess higher efficiency. The Budget 2024 mentioned that they will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. This govt decision will facilitate government support for financial needs and boost local production of high-grade steel and advanced metallurgical materials.
Support to MSMEs
The government plans to conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics to promote cleaner energy usage and efficiency. These enterprises will be given financial aid and support to switch to cleaner modes of operation. This govt scheme will be implemented in 100 clusters in its next phase.
Climate-Resilient Crops
The Finance Minister while presenting Budget 2024 said that the government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. Research funding, including for the private sector, will be provided to increase agricultural productivity while adapting to climate change.
Minerals for Green Technologies
The budget 2024 proposes exemptions from customs duties for 25 critical minerals and a reduction on basic customs duty for two other essential metals. These minerals are very much in demand in green technologies, especially cobalt and lithium. This move aims to bolster the domestic manufacturing of batteries and other important electric vehicle components and renewable energy technologies.
Conclusion
India’s energy dependency will drop after these initiatives come into place. These are of paramount importance for the growth of the country. The government initiatives mentioned in Budget 2024 will help India become more self-reliant.
For more information about government schemes and updates from Union Budget 2024, stay tuned to Jaagruk Bharat!
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