Union Budget 2023 | Reaction quote from Sumant Sinha, Chairman and CEO, ReNew Power – EQ Mag

“We welcome the budget proposals presented by the Hon’ble Finance Minister. The focus of the budget on expanded support for infrastructure investment, growth of small industry and agriculture sectors, while committing to fiscal consolidation, strikes the right balance. In the context of overall geopolitical and economic outlook, the outlay of Rs. 35,000 crore for energy transition and energy security is a significant step forward. We believe the Finance Minister has presented a Green Budget that demonstrates Government of India’s unwavering commitment to achieving Net Zero by 2070.

For the clean energy sector, there are several welcome announcements. Support for Battery Energy Storage Systems (requested by ReNew Power during pre-budget consultations), the transmission infrastructure to evacuate power from Ladakh, the allocation for biogas to energy projects and the initiatives for scrapping of old vehicles of the central and state governments are all significant steps in the right direction. We look forward to seeing further details on the recently announced Rs. 19500 crores allocation for the National Green Hydrogen Mission. The budget will give a thrust to accelerating clean energy in India and ReNew Power is committed to support Government of India in this endeavour.” Sumant Sinha, Chairman and CEO, ReNew Power