As part of the Union Budget 2024-25, the finance minister announced key measures to enhance energy security:
- The government will collaborate with the private sector on research and development for Bharat Small Modular Reactors and new nuclear energy technologies, and establish Bharat Small Reactors.
- A policy document titled “Energy Transition Pathways” will be released to balance employment, growth, and environmental sustainability.
- A policy to promote pumped storage projects for electricity storage will be introduced.
- A joint venture between NTPC Limited and Bharat Heavy Electrical Limited will be established to create an 800 MW commercial plant using advanced ultra super critical technology.
- A roadmap for moving the ‘hard to abate’ industries from ‘energy efficiency’ targets to ‘emission targets’ will be formulated. Appropriate regulations for transition of these industries from the current ‘perform, achieve and trade’ mode to ‘Indian carbon market’ mode will be put in place
Budgetary Allocation
- For 2024-25, the net budgetary allocation for the Ministry of Power has been pegged at Rs 205.02 billion (as against Rs 206.71 billion budgeted in 2023-24).
- The net budgetary allocation for the Ministry of New and Renewable Energy has been pegged at Rs 191 billion for 2024-25 (as against Rs 102.22 billion budgeted in 2023-24).