Expectations of Renewable Energy Sector
With the upcoming onset of the full budget in 2024, the renewable energy sector is expecting an elevated growth in the incentives to enhance the productivity and innovation in the sector. Additionally, huge potential lies in the advancement of technology dedicated to the storage of renewable energy using Battery Energy Storage System [BESS]. It is instrumental in supporting policies for the green hydrogen mission, addressing infrastructure, and transportation challenges in establishing India as a global hub for green hydrogen production.
Furthermore, with the advancement of technology and market innovations, the incentives should be assigned ensuring the successful fulfilment of renewable energy targets resulting in a sustainable future and offers a pathway to decarbonization strengthening India’s position in the global renewable energy market.
Policy support for the green hydrogen mission is crucial, addressing infrastructure, storage, and transportation challenges. This support will be instrumental in establishing India as a global hub for green hydrogen production. The integration of green hydrogen into the energy landscape not only promises cleaner energy but also offers a pathway to decarbonization across various sectors, bolstering India’s position in the global renewable energy market.
While taking into consideration the GST front, decrease in the GST charges on hydrogen will be an important step to increase its adoption and include the adoption of natural gas in the GST framework. DISCOMs also require financial support to develop grid infrastructure for transmission and metering.
To conclude, the upcoming budget should focus on several key areas to enhance the power sector.
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