Provisions for the automotive and renewable energy industries included in the 2024 Interim Budget include:
Finance Minister Nirmala Sitharaman made various announcements on upcoming developments in the oil and gas, renewable energy and automobile sectors during the interim budget session for 2024 on Thursday, February 1, 2024.
A series of strategic measures will be implemented to pursue the Government’s commitment to achieve ‘net-zero’ emissions by 2070. First, the government aims to accelerate the exploitation of offshore wind energy potential by providing feasibility gap funding for an initial capacity of 1 gigawatt. Secondly, it also plans to take important steps towards sustainability, such as establishing coal gasification and liquefaction capacity that will reach 100 tons by 2030.
This initiative aims not only to expand domestic production but also to reduce dependence on imports of natural gas, methanol, and ammonia. The government is also planning a phased approach towards mandatory blending of compressed biogas (CBG) with both compressed natural gas (CNG) for transport and piped natural gas (PNG) for domestic use. There is. Finally, recognizing the importance of biomass, financial support for the procurement of biomass-intensive machinery will be expanded and the entire collection process will be strengthened.
In the automotive sector, the government plans to make electric vehicles (EVs) more popular and robust by supporting manufacturing and charging infrastructure. The aim is to promote the spread of electric buses as a means of public transportation and ensure a safe payment method. This demonstrates our commitment to making electric vehicles more accessible and promoting environmentally friendly transportation options.
From the energy sector, Power Grid Corporation OF India Ltd, Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd, and NTPC Ltd. From the automobile and auto accessories sector, Maruti Suzuki India Ltd., Eicher Motors Ltd., and Motherson Sumi.・Names include Wiring India Ltd.of top gainer today.
Disclaimer: This article is for informational purposes only and does not constitute investment advice.