Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Budget 2024 Highlights: Key Focus on Sustainability, Innovation, and Economic Resilience

The Union Budget 2024, presented by Finance Minister Smt. Nirmala Sitharaman, marks a pivotal moment for India’s economic future, emphasizing sustainability, innovation, and resilience. Key takeaways from the budget highlight significant steps towards promoting green energy, urban sustainability, and job creation, while also providing tax relief and financial support for startups and MSMEs.

A major push for green energy is evident with an allocation of Rs1.5 lakh crore towards renewable energy initiatives, alongside a bold target of 100 GW for nuclear energy. This move aligns with India’s growing commitment to combating climate change and accelerating its energy transition. In the water conservation and climate resilience sectors, the extension of the Jal Jeevan Mission and an additional Rs50,000 crore for water conservation initiatives are poised to enhance the country’s water management capabilities and strengthen climate resilience.

For urban sustainability, the introduction of a Rs1 lakh crore Urban Challenge Fund will drive the development of smart cities and green mobility solutions, ensuring that urban growth aligns with environmental goals. This is coupled with a focus on green jobs, as the government introduces 75,000 new IIT seats and National Skilling Centres aimed at training workers for emerging green sectors.

Furthermore, the budget strengthens support for startups and MSMEs, with a Rs10,000 crore Fund of Funds and incentives for climate-tech innovations. The budget also reinforces the circular economy by strengthening the Extended Producer Responsibility (EPR) framework, promoting sustainability across industries. Overall, this budget lays the foundation for a self-reliant, future-ready India, focusing on long-term economic growth through sustainability and innovation.