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Budget 2024 for Energy Sector
What are the top expectations for the Energy Sector in the upcoming Interim Budget 2024-2025? Click on to financialexpress.com and get a comprehensive idea on our dedicated page Who Gets What. Navigate through a handy ready reckoner, meticulously crafted to provide a glance at previous Budgets declarations for the sector.
Budget 2024 Announcements for Energy Sector
Energy Sector
- Towards meeting our commitment for ‘net-zero’ by 2070, the following measures will be taken.
- Viability gap funding will be provided for harnessing offshore wind energy potential for initial capacity of one giga-watt.
- Coal gasification and liquefaction capacity of 100 MT will be set up by 2030. This will also help in reducing imports of natural gas, methanol, and ammonia.
- Phased mandatory blending of compressed biogas (CBG) in compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic purposes will be mandated.
- Financial assistance will be provided for procurement of biomass aggregation machinery to support collection.
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Budget Announcements for Energy Sector in FY2024
Energy Sector
- Rs 35,000 crore provided for priority capital investments towards energy transition and net zero objectives.
- The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh to be constructed with investment of Rs 20,700 crore.
- Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding.
- Higher thrust on renewables, green energy, biomass, and energy transition getting outlay of Rs 19,700 crore.
- Propose to exempt basic customs duty on denatured ethyl alcohol which supports the Ethanol Blending Programme and facilitates transition to green energy.
Budget Announcements for Energy Sector in FY2023
Energy Sector
- Implementation of a battery swapping policy for electric vehicles is planned.
- Four pilot projects were notified to be established for coal gasification and converting coal into chemicals necessary for industries.
- In the fiscal year 2022-23, Sovereign Green Bonds will be issued to gather funds for green infrastructure initiatives, as announced.
Budget Announcements for Energy Sector in FY2022
Energy Sector
- Extension of the Ujjwala scheme to encompass one crore more beneficiaries was announced.
- Establishment of an independent gas transport system operator to oversee the booking of common carrier capacity across all natural-gas pipelines was announced.
- Announced the launching of a Hydrogen Energy Mission aimed at generating hydrogen from green power sources.
Budget Announcements for Energy Sector in FY2021
Energy Sector
- Proposed allocation of Rs 22,000 crore for the power and renewable energy sector in 2020-21.
Budget Announcements for Energy Sector in FY2020
Energy Sector
- Promoting renewable energy sources like solar power.
- Initiatives like Ujjwala contributing to clean energy promotion.
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