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Expectations This year’s energy sector

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The Union Budget Just a few days until 2023-24 All Eyes will be fixed on the Budget An announcement Finance Minister Nirmala Sitharaman 1. February. This Year, energy sector in the country has huge hopes from Union Budget 2023. The Indian The government is working to reduce the carbon emissions total by 1 Billion tonnes by the end the decade. It also wants to lower the carbon intensity of the country’s economy to less than 45 percent by 2030. It Also, the goal is to eliminate carbon emissions by 2070. Clean energy industry experts are hoping for several positive announcements in this year’s budget.

Here These are some of the expectations the energy sector has about the future. Union Budget 2023-24:

PLI Scheme to Boost Domestic Manufacturing of Green and Sustainable Solutions

According A report by Financial ExpressIt is probable that the government will move to address climate finance and mobilize more resources in its upcoming budget. The Report adds that the government will achieve this goal by increasing the allocation in Production Linked Incentive The scheme (PLI) aims to increase domestic manufacturing of sustainable and green solutions.

PLI in the ammonia sector expected

In 2019, India According to a report by The Guardian, the United States imported the most ammonia, 2.9 million tonnes. Statista. Ammonia It is the foundation of energy transitions and food security. Some Ammonia plants can live up to 12 years longer than the global average, which results in production inefficiencies. Raghunath K, Country RepresentativeThyssenkrupp IndiaThe story was told Financial Express That India’s ammonia capacity needs to be ramped up a lot. He This includes renovations of older ammonia plants as well as greenfield plants.

Specific Policies to promote the growth and development of renewable energy sectors

The Many investors find the renewable energy sector a poor investment option due to its low tariffs, high investment and difficulties in project execution. The Due to stiff competition on the market and other factors, the tariff rate is decreasing continuously. This results in a low return. The Report suggests it is vital for the government that they develop policies to support growth in the renewable energy sector, particularly the wind sector. The Government needs to increase research and put more emphasis on technical advances for wind equipment manufacturers (OEMs).

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