he Union Budget 2023 has hinted that all efforts at decarbonization will need supportive policies that incentivize both finance and technology.
New Delhi: The Union Budget 2023, presented by Finance Minister Nirmala Sitharaman, has placed a strong emphasis on green growth with an allocation of Rs 35,000 crore towards the sector.
Raman Bhatia, Founder and Managing Director of Servotech Power Systems Limited, views this as a unique opportunity to make clean energy solutions such as solar and electric vehicle (EV) charging accessible and affordable for the masses.
Bhatia notes that the extensive budgetary allocation, along with production linked incentives for high-efficiency solar photovoltaic modules, will drive the country’s decarbonization efforts.
The budget also suggests quicker approvals for storage systems, flexible policies, and capacity building efforts for operators to support India’s transition to renewable energy.
The budget hints that decarbonization will require supportive policies to incentivize both finance and technology, and the development of large-scale carbon markets and green financing will play a key role in shaping the energy sector.
