Budget 2024: Finance Minister Announces Free Electricity Up to 300 Units for 1 Crore Homes Under PM Surya Ghar Muft Bijli Yojana!
Finance Nirmala Sitharaman announced the PM Surya Ghar Muft Bijli Yojana, a Pumped Storage Policy, Advanced Ultra Super Critical Thermal Power Plants, and more. Complete details inside.
Finance Minister Nirmala Sitharaman has outlined a comprehensive strategy to enhance energy security and sustainability in the Budget 2024-25, emphasizing resource-efficient growth and environmental responsibility.
PM Surya Ghar Muft Bijli Yojana
Following the interim budget announcement, the PM Surya Ghar Muft Bijli Yojana has been launched, aiming to install rooftop solar plants for 1 crore households, providing free electricity up to 300 units monthly. The scheme has seen over 1.28 crore registrations and 14 lakh applications, with further encouragement planned.
Power Projects
A new 2400 MW power plant will be established at Pirpainti with an investment of Rs 21,400 crore.
Pumped Storage Policy
A policy to promote pumped storage projects will be introduced to enhance electricity storage and ensure the smooth integration of the increasing share of renewable energy, with its variable and intermittent nature, into the overall energy mix.
Nuclear Energy Development
The government will partner with the private sector to establish Bharat Small Reactors, develop Bharat Small Modular Reactors, and explore new nuclear technologies. Funding announced in the interim budget will support this sector.
Advanced Ultra Super Critical Thermal Power Plants
Indigenous technology for Advanced Ultra Super Critical (AUSC) thermal power plants, developed with higher efficiency, will be implemented through a joint venture between NTPC and BHEL to set up an 800 MW commercial plant. Fiscal support will be provided, along with the development of high-grade steel and advanced metallurgy materials.
Roadmap for ‘Hard to Abate’ Industries
A roadmap will transition 'hard to abate' industries from energy efficiency to emission targets, with appropriate regulations shifting from the 'Perform, Achieve and Trade' mode to the 'Indian Carbon Market' mode.
Support for Traditional Micro and Small Industries
Investment-grade energy audits will be conducted in 60 clusters of traditional micro and small industries, including brass and ceramic sectors. Financial support will facilitate the shift to cleaner energy and energy efficiency measures, with plans to replicate the scheme in another 100 clusters.
These initiatives aim to ensure a sustainable and energy-secure future for India, fostering economic growth while maintaining environmental integrity.
Following the announcement, stocks such as Borosil Renewables rallied over 8 per cent, Gensol Engineering rose 5 per cent, Websol Energy increased by over 3 per cent, NTPC gained 2.5 per cent, and Adani Green Energy saw a rise of around 0.55 per cent, garnering significant attention in today’s trading session.
Investors must keep these stocks on their radar.
Disclaimer: The article is for informational purposes only and not investment advice.