Finance Minister Nirmala Sitharaman has introduced the PM Suryaghar Muft Bijli Yojana in the Union Budget, which will install solar panels in 1 crore households providing 300 units of free power supply. The budget launched in 2023-24 issued Rs 7,327 crore to solar projects. Pradhan Mantri Suryodaya Yojana was announced in January and supported the 2014 BJP Rooftop Solar Programme with a goal of 40 GW by 2022.
Nirmala Sitaraman, Finance Minister of India addressed the Union Budget of 2024-25 on Tuesday, 23 July 2024. FM boosted various commitments made in the February budget to motivate clean energy but did not introduce any new schemes.
While presenting the budget, an announcement was made about the launch of PM Suryagarh Muft Bijli Yojana. The program will initiate the installation of rooftop solar panels in 1 crore homes, providing 300 units of free electricity each month.
“Solar energy and energy transition are critical in the fight against climate change. To support the energy transition, I propose to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. However, because of the sufficient domestic manufacturing capacities for solar glass, glass, and thin copper interconnect, I propose not to extend the exemption of customs duties provided to them,” said Union Finance Minister Nirmala Sitharaman.
Further, the budget included a new policy announcement to support a pump storage project that will provide energy 24/7. She said that National Thermal Power Corporation (NTPC) and Bharat Heavy Electricals Limited (BHEL) together established an 800 MW supercritical thermal power plant with great efficiency.
The scheme has achieved a remarkable response with 1.28 registrations and 14 lakh applications for the installations of solar panels and we will further encourage it, she said.
Solar energy plays a significant role in India’s aspirations to generate 500 GW of renewable energy by 2030. The Union Budget for 2023-24 had granted Rs 7,327 crore for the solar power sector which included grid, off-grid, and PM-KUSUM projects which was an increase of 48 percent.
The interim budget highlighted many benefits of the program which include annual savings of up to Rs 15000-18000 for households every year. The program also created many job and business opportunities for vendors in EV charging infrastructure and employment for skilled youth in installing and maintaining solar panels.
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