 "Union Budget 2024-25: Here're key challenges in renewable energy sector")
Key challenges
RBI’s stipulation of priority sector lending which is restricted to loans up to Rs 30 cr isn’t helping RE firms
Faster closure of bidding process till power purchase agreement is signed with selected developers
Adherence to renewable purchase obligations across states are lacking
Local manufacturing (wind, solar) to be scaled up to compete with global majors on quality, price
Industry ask
Encourage green financing to enable sustainability linked funds
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Support collaboration academia-industry on cleantech manufacturing
Assist enablement of world quality products through periodic updates to standards, testing and certifications of new products
Review intra-sectoral budgetary allocation in light of growing need for state support towards pumped storage projects
For the next wave of growth, the Indian renewable energy industry is keen to serve global markets and not be content to meet the country’s growing energy needs”
- Sambitosh Mohapatra, Partner and leader, ESG, Climate and Energy, PwC India