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Budget 2019: Renewable energy industry gives mixed reaction

New Delhi: The Interim Budget for 2019-20 has received mixed reactions from the renewable energy industry. 

Renewable energy manufacturing units are dying a slow death due to scarcity of financing options, says Amit Gupta, a director at Vikram Solar. "Budgetary allocation for MNRE remains approximately similar to capital allocated in FY 2017-18, standing at Rs 5,200 crore. Unfortunately, the government did not act upon the Parliamentary Standing Committee recommendation of reinstating the funding of renewable energy projects through National Clean Energy Fund, which was diverted towards GST compensation fund since 2017,” Gupta added.

Other industry leaders said this year's Budget has shown the government's commitment for improving the environment by promotion of clean energy and electric vehicles. "Electric vehicles and rooftop plants are going to provide the much-needed respite to the deteriorating environment in our urban areas. We look forward to concrete steps for promotion of rooftop solar and electric vehicles so that every common person starts adopting these life-transitioning technologies,” said Sanjeev Aggarwal, founder and CEO, Amplus Energy. 

Sunil Rathi, director at solar module manufacturing firm Waaree Energies applauded the centre's 2030 Vision of reducing dependence on imports for fossil fuel needs and developing solar power as a prime source of energy. The Budget provisions will help reduce imports, thus strengthening the rupee and contributing to nation's gross domestic product, he said.

News Date: 04-Feb-2019

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