Budget 2024 On Energy: Private Sector Collaboration For Nuclear; Expansion Of Rooftop Solar Programme

"Nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat," Finance Minister said in the Lok Sabha, presenting the Union Budget 2024-2025 on 23 July.

As outlined in the budget speech, the Union government will collaborate with the private sector to establish Bharat Small Reactors and advance the research and development of Bharat Small Modular Reactors. The private sector will also be involved in developing new technologies for nuclear energy.

Furthermore, the government will provide necessary fiscal support for setting up a full scale 800 MW commercial plant based on advanced ultra supercritical technology.

These advanced ultra-super critical thermal power plants, developed indigenously with much higher efficiency, will be established by a joint venture between NTPC Limited and Bharat Heavy Electricals Limited (BHEL).

Sitharaman also announced the introduction of a policy for promoting pumped storage projects. Pumped storage hydroelectric projects involve re-use of water from a higher elevation storage facility to generate power and addresses intermittency in renewables.

"In line with the interim budget announcement, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it " Sitharaman noted.

Emphasising India's commitment to clean energy, Sitharaman announced that the Centre will bring out a document on appropriate energy transition pathways, that balances the imperatives of employment, growth and environmental sustainability.

Additionally, a roadmap will be formulated to transition 'hard to abate' industries from 'energy efficiency' targets to 'emission targets'. The Budget announced that appropriate regulations will be established to shift these industries from the current 'Perform, Achieve, and Trade' mode to the 'Indian Carbon Market' mode.

This Budget marks Sitharaman's seventh consecutive presentation, surpassing the record of former prime minister Morarji Desai. It is also the first Budget presented by the BJP-led National Democratic Alliance government since its re-election in June.