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Budget 2024 highlights India’s renewable energy focus

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Vidhya Sivaramakrishnan

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Vidhya Sivaramakrishnan

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Whilst interim budgets are rarely the stuff of blockbusters, Budget 2024 showcased the government’s strong push for clean energy in a bid to strengthen India’s energy security.

February 02, 2024

5 MINS READ

It was a rather muted interim budget speech, as was expected in an election year. But whilst Finance Minister Nirmala Sitharaman may have uttered her shortest budget speech as FM—clocking in at 58 minutes—her focus on green energy initiatives offered a strong indication of the current government’s priorities.

One of the key announcements was the proposal to introduce viability gap funding for an initial capacity of 1 gigawatt (GW) of offshore wind energy. This follows on from the first tender floated by the central government last September for the development of offshore wind projects along the Tamil Nadu coastline. The tender proposes that wind projects would come up at seven locations with a cumulative capacity of 7 GW.

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