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Union Budget Re-energies Plans To Power Up India’s Economy
Some of the other big-bang reforms announced for the energy sector is that it has earmarked Rs 1,000 crore to solar energy corporation apart from deploying Rs. 1,500 to renewable energy development agency.
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In the Union Budget presented in the parliament one of the major announcements is the formation of the Comprehensive National Hydrogen Energy Mission, which will be rolled out as per PM Narendra Modi's announcement at third REINVEST conference in Nov 2020. The mission will help generate hydrogen from green power sources.
”Taking electricity to every household has been a major achievement. However, the distribution sector, particularly the DISCOMS are under financial stress. The Ministry intends to promote “smart” metering. I urge all the States and Union Territories to replace conventional energy meters by prepaid smart meters in the next three years. Also, this would give consumers the freedom to choose the supplier and rate as per their requirements. Further measure to reform DISCOMs would be taken. I propose to provide about Rs. 22,000 crore to power and renewable energy sector in 2020-21,” revealed the FM.
Some of the other big-bang reforms announced for the energy sector is that it has earmarked Rs 1,000 crore to solar energy corporation apart from deploying Rs. 1,500 to renewable energy development agency. The Union Budget targets 100 percent electrification of broad-gauge railways to be achieved by 2023 and maintained that as of August 2020, 65 percent electrification has been achieved. Furthermore, a revamped scheme with an outlay of over Rs. 3 lakh crore would be launched for distribution turnaround through infrastructure creation and interventions such as Smart Metering, feeder separation, etc.
“In the Budget speech of July 2019, I had stated that “annadata” can be “urjadata” too. The PM-KUSUM scheme removed farmers’ dependence on diesel and kerosene and linked pump sets to solar energy. Now, I propose to expand the scheme to provide 20 lakh farmers for setting up stand-alone solar pumps; further we shall also help another 15 lakh farmers solarise their grid-connected pump sets. In addition, a scheme to enable farmers to set up solar power generation capacity on their fallow/barren lands, “ further added by the FM.
"This is a welcome move by the government as it will reduce dependence on conventional fuels and increase efficiency. It is hoped that a significant part of this will be from renewable energy. Significant focus on asset monetisation including PGCIL and other transmission assets will enable unlocking value and also generate additional revenue for transmission companies that can hopefully be partly shared with consumers to bring down tariffs. This has been pending for a long time and is welcome and will require the separation of carriage and content, states, “ maintains Somesh Kumar, Partner and Leader, Power & Utilities, EY India.