The Union Budget 2022-23 is visionary and action oriented. The key measures announced in the budget towards enabling ease of doing business, climate action, digital economy, strengthening the start-up ecosystem, job creation and supporting industrial growth, will propel a strong growth momentum.
The Budget 2022 is growth focused with clear roadmap for infrastructure. The PM Gati Shakti master plan focusing on seven growth engines and four big priorities, including the Energy Transition and Climate Action will bring transformational changes and accelerate India’s green energy growth. The increase in capital expenditure by 35.4%, as a pump-priming measure, is a significant boost for employment generation.
We are glad the finance minister, continued to focus on enabling India’s clean energy transition. We welcome the additional PLI allocation of INR 19,500 crore for manufacturing high-efficiency solar modules for the existing wait-listed PLI bidders. This will strengthen the domestic solar manufacturing ecosystem, thereby reduce our import dependence, create jobs, attract investments and enable the Make in India vision. Additionally, the sovereign green bonds will boost green infrastructure development which will help in meeting India’s carbon emission reduction targets. Green bonds will also enable international yield curve for Indian corporates leading to better pricing for bonds. The battery-swapping policy with interoperability standards will boost the Electric Vehicle (EV) ecosystem.
As domestic solar manufacturers, we are appreciative of the Government’s focus towards strengthening domestic solar industry by notifying the Basic Custom Duties on solar modules and solar cell effective 1st April 2022. We are confident, with the implementation and roll-out of the measures announced in Budget 2022, we will move closer towards realizing the Aatmanirbhar Bharat vision in solar sector and India’s Energy Security through green power.