Union Budget 2024 | Expect policies to boost local manufacturing: Luminous Power Technologies CEO

'We also expect policy measures to strengthen the energy storage systems,' she said.

Finance Minister Nirmala Sitharaman will present the Union Budget on July 23. News has emerged that Prime Minister Narendra Modi might have a more troubled Budget this time, to accommodate the wishes of his alliance partners JD(U) chief Nitish Kumar and TDP supremo Chandrababu Naidu. However, it is more likely that the Budget will be a feel-good one, coming on the back of the Rs 2.11 lakh crore record dividend to the union government from the RBI.

“The budget should continue to focus on making India self-reliant and bolstering the Make-in-India initiative. We expect policies to boost local manufacturing and promote energy transitioning technologies, particularly solar energy adoption, to help achieve net-zero goals. We also expect policy measures to strengthen the energy storage systems," said Ms Preeti Bajaj, MD & CEO, Luminous Power Technologies

"We have already started making remarkable strides in achieving the renewable energy goals. To keep up with this momentum, we hope the government can build a dedicated financial support system to encourage the growth of the circular economy supported by the supply chain for the consistent adoption of solar energy solutions. Favourable policy measures to drive R&D and strengthen the indigenous value chain will act as a major stimulus to private players driving their business on innovative technologies. This step will be an enabler to harness the potential of clean energy," she adeed.

She also said, "PM Surya Ghar Muft Bijli Yojana, a path-breaking initiative by the government has witnessed a remarkable response towards adopting rooftop solar as a power source and is poised to contribute to a better planet and a sustainable future."