Experts predict Budget to boost clean energy investments with new measures

The government is expected to announce a slew of measures in the full Budget for fiscal year 2024-25 to promote investments in the renewable energy space, experts say.

Finance Minister Nirmala Sitharaman will present the 2024-25 Union Budget in Parliament on July 23.

Their expectation is that the government may announce policy-related measures, viability gap funding (VGF) and incentive schemes for the clean energy industry, the experts said.

"We expect the focus of the budget to remain green growth based... We expect the budget to focus more on renewables, storage, transmission and distribution network strengthening schemes.

"We expect policy measures to incentivise, and to encourage investments in (battery) storage groups," Girishkumar Kadam, Senior Vice President & Group Head - Corporate Ratings, ICRA Ltd said.

There is a slow progress being witnessed in pumped storage projects (PSP) space. Some policy bridges need to be announced to expedite the implementation of these projects