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NSEFI’s Welcomes Green Growth Focus in Budget 2023-24 – EQ Mag

NSEFI’s Welcomes Green Growth Focus in Budget 2023-24 – EQ Mag


NSEFI welcomes Government of India Budget 2023 which adopt 7 priority areas with Green Growth as one of the key priority areas. NSEFI CEO Subrahmanyam Pulipaka said “I believe the provisions in this budget will help accelerate our transition to green energy, green mobility, green fuels and increase green jobs in India”.

“At NSEFI we are happy that Ministry of Finance has accepted our request for creating the detailed framework for Pumped Storage Projects in the country. The viability gap funding announced for storage system with the capacity of 4GWh will help penetration of Solar as a dispatchable energy generation source”.

“We also welcome the continuation of Nil BCD on specified inputs for use in the manufacture of EVA sheet or back sheets, Solar tempered glass, Flat copper wire for use in the manufacture of photo voltaic ribbon which are used in manufacturing of Solar Cell and Modules. This will help the growth of solar manufacturing as well as allied Balance of System (BoS) manufacturers, especially in the context of the two PLIs announced for Solar Modules in India.

“As Indian Solar Market transition to market driven demand the announcement of Green credit program which will incentivize companies and individuals for their environmentally sustainable actions, in our opinion will help intensify the deployment of Solar Energy in the Commercial and Industrial (C&I) Sector.”

The National Green Hydrogen Mission with an outlay of 19,700 crores will also help the solar sector to add 125 GW of Solar energy by 2030 and make India strategic Green Hydrogen Export hub. The allocation of 20,700 Cr to ISTS for evacuation and grid integration of 13 GW of Renewable Energy from Ladakh will also address issues pertaining to both Energy Access and Evacuation. In line with Panchamrit Goals for achieving Net Zero by 2070, NSEFI is happy with allocation of Rs 35,000 crore priority capital for realizing India’s Net Zero targets.

Overall, at NSEFI we appreciate the government’s Green Growth specific approach to the budget which will not only help us realize our climate goals and targets but also make India home to one of the largest Energy Transition programs in the world.

Anand Gupta Editor - EQ Int'l Media Network