2024 | Budget 2024 Explained: Impact on India’s Power and Renewable Energy Sector

The Union Budget plays an essential role in shaping a country’s economic landscape, and India’s Budget 2024 has attracted much scrutiny, particularly regarding power and renewable energy sectors. Given India’s commitment to sustainable development and energy security, understanding how Budget 2024 could affect these industries is of vital importance. Hartek Group has long been at the forefront of sustainable energy solutions innovation and excellence. Hartek Group stands ready to support the ambitious vision outlined by Budget 2024 through its wide-ranging services in engineering, renewables, technology, construction, fuel production and manufacturing. This in-depth analysis examines various aspects of Budget 2024 as well as their effects on India’s power and renewable energy industries – particularly how companies like Hartek Group may be best placed to contribute.  Let’s talk about the power sector budget.

Overview of Budget 2024 for energy sector

The Power Sector Budget 2024 reflects the government’s dedication to sustainable development and energy. Focusing on renewable sources and improving power sector efficiency, it features measures designed to stimulate growth and innovation within these key areas.

Schemes of Power Sector India 

PM Surya Ghar Yojana: Finance Minister Nirmala Sitharaman introduced the PM Surya Ghar Yojana with a cost outlay of Rs 75,021 crore during her interim budget speech last month. The scheme seeks to power 10 million households while creating 30 GW of solar capacity while offsetting 720 million tonnes of CO2. After unveiling Tuesday’s Union Budget 2024-25, Nirmala Sitharaman revealed it has seen remarkable success: over 1.28 crore registrations each day since its debut!

Pradhan Mantri Suryodaya Yojana: Rooftop solar energy has quickly become one of the nation’s go-to energy solutions, prompting the Government of India to announce the Pradhan Mantri Suryodaya Yojana scheme and provide households with power through installations on rooftop solar installations, while providing extra money in exchange for any excess electricity production.

Key Allocations and Initiatives of budget renewable energy

The budget has set aside an allocation of Rs 35,000 crore for capital investments that accelerate energy transition and help reach net zero goals, further showing their dedication towards renewables. This outlay shows just how seriously the government prioritizes renewables.

Inter-State Transmission System: Ladakh has set aside Rs 20,700 crore to establish an inter-state transmission system to facilitate the evacuation and integration of 13GW of renewable energy from Ladakh onto the grid, both for its own benefit and to strengthen grid stability and reliability. This investment will not only boost renewable energy generation in Ladakh but also enhance grid reliability.

Battery Energy Storage Systems (BESS): The budget has provided funding support to BESS with an installed capacity of 4,000MWh through Viability Gap Funding, making this move essential to address intermittency challenges associated with renewable sources while improving grid flexibility.

Green Energy and Energy Transition: An allocation of Rs 19,700 crore was recently made to spur the development of renewables, green energy, biomass, and other forms of energy transition initiatives. This funding will catalyse investments in research and development, technology adoption, and infrastructure creation.

Nuclear Energy: India has seen the start of an exciting era in nuclear energy, with the budget’s inclusion of private sector participation in developing new technologies and building small modular reactors. This strategic decision will diversify their energy mix, increase security, and meet their clean energy goals.

Indigenous Technology: The development of indigenous technology for Advanced Ultra Super Critical (AUSC) thermal power plants with much higher efficiency has been completed. A joint venture between NTPC and BHEL will set up an 800 MW commercial plant using this technology, supported by government funds. Furthermore, creating indigenous capacity to produce high-grade steel and other advanced metallurgy materials required will have significant spin-off benefits, resulting in more robust spin-off benefits in terms of the production of advanced materials required by these plants.

Pumped Storage: Realizing the importance of pumped storage technology to grid stability and renewable energy integration, the government recently unveiled plans to create a policy framework encouraging investments into this crucial energy storage technology. The FM announced that a policy to support pump storage projects would be developed to provide round-the-clock energy access, noting NTPC and BHEL have announced plans to form a joint venture to establish 800MW super critical thermal power with higher efficiency.

Impact on India’s Power Sector India

India’s Budget 2024 promises to have an enormously positive effect on its power sector by incentivizing renewable energy sources and encouraging efficiency measures that drive growth, attract investments, and radically transform India’s energy landscape.

Accelerated Renewable Energy Deployment: India’s growing focus on renewable energy, combined with favorable policies and financial incentives, will likely speed up the deployment of solar, wind, and other forms of renewable energy projects, making rapid progress toward reaching India’s goal of 500 GW of installed renewable capacity by 2030 more achievable.

Strengthened Grid Infrastructure: By investing in interstate transmission systems and supporting BESS, investment will strengthen grid stability and reliability while making integration of renewable energy generation easier.

Technology Advancement: With increased funding and emphasis on research and development, as well as private sector entry into nuclear energy, technology will advance rapidly within the power sector, leading to innovative solutions for energy production, storage, and distribution.

Job Creation and Economic Growth: Renewable energy projects and modernizing of the power sector should create numerous job opportunities in fields like solar power, wind power, grid infrastructure development, and grid expansion. The PM Surya Ghar Yojana is providing 17 lakh direct jobs across the solar value chain and thus contributing to economic growth and prosperity.

Environmental Benefits: By encouraging renewable energy adoption, Budget 2024 for the energy sector will contribute to mitigating climate change impacts and lowering greenhouse gas emissions while leading to cleaner environments, further strengthening India’s commitment to sustainability.

Bottom Line

As India takes steps toward rapid renewable energy deployment, strengthened grid infrastructure, and technological advancement in the power sector, companies like Hartek Group will play an essential role in translating budget allocations and policies into concrete realities. By drawing upon their expertise in Engineering, Renewables, Technology, Construction Fuel Manufacturing Hartek Group stands poised to contribute significantly to job creation, economic growth and environmental benefits outlined in Budget 2024 – further cementing India’s commitment to clean energy solutions and sustainability.

2023 | Why Choosing the Right Power System Manufacturer for Your Power Distribution Needs Is Crucial

Introduction:

Selecting the right power system manufacturer for your power distribution needs is a critical decision that can have a substantial impact on the performance, reliability, and safety of your electrical infrastructure. Hartek India, as a leading power system manufacturer, offers a range of compelling reasons why partnering with us is essential for meeting your power distribution requirements effectively.

Complies with Standards and Regulations:

Power distribution systems must adhere to stringent safety and regulatory standards established by national and international organizations. By choosing Hartek India, you ensure that all our equipment is fully compliant with these standards, such as IEC-62271/IS3427 and IEC 61439/IS8623 (TTA & PTTA)., minimizing the risk of non-compliance, legal issues, and safety concerns.

Additionally, our products are authenticated by TPI Labs like CPRI and ERDA. Moreover, our collaboration with Schneider Electric and Rittal further validates our commitment to quality and compliance.

Certified Partner

Quality and Reliability: 

As a power system supplier, Hartek India is dedicated to providing high-quality products that meet industry standards. We understand that power distribution systems are vital components of critical infrastructure, and any faults or failures can result in significant downtime, safety hazards, and financial losses. By partnering with Hartek India, you reduce the risk of poor-quality equipment and enhance the overall reliability of your power distribution system.

Expertise and Technical Support:

With extensive experience and expertise in designing, manufacturing, and implementing power distribution solutions, Hartek India stands as a reliable partner. As a leading power system manufacturer, we offer valuable technical support and guidance throughout your project’s lifecycle. From initial planning and system design to installation, maintenance, and troubleshooting, our knowledge and support optimize the performance and efficiency of your power distribution system.

Warranty and After-Sales Service:

Hartek India stands firmly behind its products, providing comprehensive warranty coverage. By selecting us as your power system supplier, you gain access to a robust after-sales service program that ensures technical assistance, replacement parts, and repairs, if necessary. This support minimizes downtime, extends equipment lifespan, and maintains the overall efficiency of your power distribution system. 

Innovation and Technology Advancements:

As technology continues to evolve, Hartek India remains at the forefront of innovation. Partnering with us guarantees access to the latest advancements, including smart grid capabilities, energy management systems, and improved energy efficiency. Staying updated with these technological advancements can result in cost savings, enhanced operational efficiency, and a more sustainable power distribution infrastructure.

Safety Concerns: 

Hartek India prioritizes the safety of assets and people. Our commitment to safety is reflected in the use of the best equipment for testing power distribution products, ensuring compliance with electrical standards. You can trust that your power distribution system will be designed and manufactured with utmost safety in mind.