Pre-budget quote – Renewable Energy & Battery Storage sector – Mr. Yogesh Mudras, MD Informa Markets in India – EQ

Budget 2024 expectations: Mr. Yogesh Mudras, Managing Director, Informa Markets in India recommends to increase Viability gap funding and Product linked incentives.

Emphasizing on India’s stride towards sustainable energy, Mr. Yogesh Mudras, Managing Director of Informa Markets India, said “The Budget 2024-25 becomes pivotal in steering the nation towards a greener future. With a commitment to boost green energy to 500 GW by 2030, we anticipate sustained attention on the increased allocations for bio-energy, solar, and wind, alongside higher capital expenditure in green hydrogen and battery storage infrastructure.

Recognizing the critical role of energy storage for grid stability, we applaud the proposed policy incentives for Battery Energy Storage Systems (BESS). The recent approval of a scheme targeting 4,000 MWh of BESS projects by 2030-31, with financial support of up to 40% (Rs. 3,760 crore), marks a significant stride toward a resilient energy landscape.

As India targets 170 GW Renewable Energy capacity by March 2025, the Budget is anticipated to extend existing schemes, including the Production Linked Incentive and viability gap funding. Advocating for policies that stimulate green hydrogen demand, reduce GST on crucial components, and increase funding for R&D to create a stable environment for sustainable development. Informa Markets by organizing The Battery Show and REI Expo, continues to provide a crucial platform for industry leaders to collaborate and contribute to the nation’s sustainable energy journey.”