Union Budget 2023-24 focuses on green growth

In the Union Budget 2023-24, the Ministry of Power (MoP) has received a net budgetary allocation of Rs 206.71 billion while the Ministry of New and Renewable Energy has been allocated Rs 102.22 billion. The budget is focused on green growth. An allocation of Rs 350 billion has been proposed for priority capital investments towards energy transition and net zero objectives. Further, 4,000 MWh of battery energy storage systems will be supported through viability gap funding. A detailed framework for pumped storage projects will be formulated. An interstate transmission system (ISTS) for the evacuation and grid integration of 13 GW of renewable energy from Ladakh has been proposed at an investment of Rs 207 billion. Further, an extension has been announced for the customs duty exemption on the import of capital goods and machinery required to manufacture lithium-ion cells for batteries used in electric vehicles.