New Delhi: In the presented Interim Budget 2024 2025 Finance Minister Nirmala Sitharaman introduced a range of initiatives aimed at promoting sustainable growth and renewable energy. One of the groundbreaking schemes announced during her Budget speech is focused on facilitating access to rooftop solarization for one crore households providing them with up to 300 units of electricity per month. Inspired by Prime Minister Narendra Modis commitment during the Pran Pratishta of Ram Mandir in Ayodhya this initiative is expected to lead to significant annual savings for households ranging from Rs 15,000 18,000 crore.
The advantages of this solarization program go beyond cost savings alone. The surplus electricity generated can be sold to distribution companies thereby creating a source of income. Furthermore this initiative will open up opportunities for entrepreneurship for vendors involved in the supply and installation of solar panels. It also holds potential for generating employment opportunities among young individuals possessing technical skills in manufacturing, installation and maintenance.
Aligning with the objective of achieving 'net zero' emissions by 2070 Finance Minister Sitharaman has proposed viability gap funding for offshore wind energy projects, with an initial capacity of one gigawatt.
The budget also includes plans to establish coal gasification and liquefaction capacity of 100 million tonnes by 2030. This goal aims to reduce the reliance on imported gas, methanol and ammonia.
To address concerns and promote cleaner alternatives the budget proposes a gradual mandatory blending of Compressed Bio Gas (CBG) in both Compressed Natural Gas (CNG) for transportation and Piped Natural Gas (PNG) for domestic use. Financial assistance for procuring biomass aggregation machinery to support collection is also part of the plan.
Sitharaman emphasized the governments commitment to expanding and strengthening the electric vehicle ecosystem while supporting manufacturing and charging infrastructure. The budget encourages the adoption of e buses for public transportation networks through a payment security mechanism.
In an effort to promote growth Sitharaman introduced a new scheme for bio manufacturing and bio foundry. This initiative aims to provide friendly alternatives such as biodegradable polymers, bio plastics, bio pharmaceuticals and bio agri inputs. Sitharaman highlighted that this scheme aligns, with the goal of transforming manufacturing practices based on regenerative principles.
The Interim Budget presented today addresses the needs during the period until a new government is formed after the Lok Sabha polls.
The new government is expected to present a budget in July matching the record set by former Prime Minister Morarji Desai. Desai had presented five budgets and one interim budget between 1959 and 1964.
The Budget Session of Parliament began on Wednesday with President Droupadi Murmu addressing a session of Lok Sabha and Rajya Sabha. According to the Ministry of Finances review report Indias economy is estimated to grow at around 7 percent in the year 2024 25 maintaining its position, as the fastest growing major economy.