Govt provides push to renewables with focus on storage systems in Budget 2024

The government has continued to support the renewable sector with a focus on the much needed storage systems and supply chain ecosystem in the Union budget 2024-25.

While presenting the budget, Finance Minister Nirmala Sitharaman said the government would bring out a policy for promoting pumped storage projects that will help with electricity storage and facilitate smooth integration of the growing share of renewable energy with its variable and intermittent nature in the overall energy mix.

“A policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable and intermittent nature in the overall energy mix,” said Sitharaman on July 23.

The finance minister added that the PM Solar scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications. The government would further promote the scheme, considering the response, she said.