MC Exclusive Green energy budget may increase by at least Rs 10 000 crore

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The Government’s Renewable Energy Push

The Indian government has announced a significant increase in the allocation of funds towards new and renewable energy sources. According to the latest budget, the government plans to allocate at least Rs 10,000 crores towards this sector. This move is part of the government’s efforts to reduce its dependence on fossil fuels and promote sustainable energy sources.

Key Highlights of the Budget

  • Increased Allocation: The government has allocated Rs 10,000 crores for new and renewable energy sources, a significant increase from the previous year’s allocation.

    The government has also set a target of having 10 lakh electric vehicles on the road by 2026.

    Introduction

    The Indian government has set ambitious targets for renewable energy and electric vehicles under its flagship schemes, PM Surya Ghar and PM Fasal Bima Yojana. The PM Surya Ghar scheme aims to promote solar energy and provide affordable housing to the poor. The government has set a target of having 50 lakh solar installations by March 2026, with a significant portion of these installations being rooftop solar systems.

    Progress So Far

    As of now, seven lakh rooftop solar installations have been completed, which is a significant milestone in the journey towards achieving the target. The government has also been actively promoting the use of electric vehicles, with a target of having 10 lakh electric vehicles on the road by 2026. This is expected to reduce greenhouse gas emissions and promote sustainable transportation.

    Challenges and Opportunities

    Despite the progress made so far, there are still several challenges that need to be addressed. One of the major challenges is the high upfront cost of solar installations, which can be a barrier for many households. However, the government has introduced several initiatives to make solar energy more affordable, such as providing subsidies and tax incentives.

    The programme aims to provide housing for 1.5 million people in the next three years.

    Introduction

    The Indian government has announced a massive housing scheme, the PM Surya Ghar programme, with an outlay of Rs 75,021 crore. The programme aims to provide affordable housing for 1.5 million people in the next three years. The cabinet has approved the programme, and it is expected to be implemented soon.

    Key Features of the PM Surya Ghar Programme

  • The programme will provide housing for 5 million people in the next three years. The outlay for the programme is Rs 75,021 crore. The programme will be implemented over three years from the date of announcement. The programme aims to provide affordable housing for the target population.

    The country has set ambitious targets to increase its renewable energy share to 50% by 2030.

    The Rise of Renewable Energy in India

    India has made significant strides in the renewable energy sector in recent years, with a focus on solar and wind power. The country’s renewable energy capacity has grown exponentially, driven by government policies and investments.

    Solar Power: A Bright Future

    Solar power has been a key driver of India’s renewable energy growth. The country has set ambitious targets to increase its solar capacity to 100 GW by 2027. In 2024, a record-breaking 24.5 GW of solar capacity was added, taking the total solar capacity to 74.5 GW. This growth is driven by the decreasing cost of solar panels and the increasing adoption of solar energy by households and businesses. Key statistics: + 24.5 GW of solar capacity added in 2024 + Total solar capacity: 74.5 GW + Target: 100 GW by 2027

    Wind Power: A Growing Segment

    Wind power has also seen significant growth in India, with 3.4 GW of new capacity added in 2024. The country’s wind power capacity now stands at 10.4 GW. Wind power is expected to play a crucial role in India’s renewable energy mix, particularly in the southern states where wind resources are abundant.

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