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Budget emphasises on renewables, EVs for India’s energy security

EV charging stations may become must in buildings, parking lots
October 25, 2018
February 28, 2019

Budget emphasises on renewables, EVs for India's energy security

NEW DELHI: The interim budget announced Friday has pegged renewable energy and electric vehicles as the key drivers behind reducing India’s import dependence as the government drives towards attaining energy security.

In laying down the roadmap for the country over the next 10 years,

Finance minister Piyush Goyal said, “India will lead the world in the transport revolution through electric vehicles and energy storage devices, bringing down import dependence and ensuring energy security for our people.”

While the budget does not clearly spell out the policy support going forward, it has set a positive note for the sectors which found a fleeting reference in Goyal's budget speech.

“At Softbank, we support the “Clean and Green India” in Vision 2030 of the government for electric vehicles and renewable energy. We will continue to invest in the renewable energy projects floated by the central government as well as for the large scale industrial requirements of the private sector and MNCs,” said Manoj Kohli, executive chairman of Softbank-led SB Energy.

The budget announcement assumes importance as the capital chokes amid alarming levels of air pollution, and India looks to address the larger issue of climate change.

“Through continued support for renewables, EVs will benefit. India might set a precedent in EVs being powered predominantly by renewable energy, as compared to coal based thermal power,” said Vineet Mittal, Chairman of Avaada Group.

For electric vehicles to be a norm of the future, policies should include how EVs can be powered by renewable energy, said Nikunj Ghodawat, CFO, CleanMax Solar.

“What we will wait to see is, finer print on the renewable industry like uniformity in policies, imposition of duties, ease of financing etc. to reduce dependence on deplete-able energy resources, thereby fueling adoption of renewable energy,” Ghodawat added.

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