New Delhi.  Ahead of the full budget for the financial year 2024-25, the government is expected to announce several measures to boost investment in the renewable energy sector. People from different industries have made predictions about this. 

Hope to focus on green growth

Girish Kumar Kadam, Senior Vice President and Group Head- Corporate Rating, ICRA Limited, said that the main focus of the budget is expected to be based on green growth. He expects that the budget will focus more on plans to strengthen renewable energy, storage, transmission and distribution networks.

Recommendation of REC and HPO 

Ashwin Jacob, industry head, energy, resources and industrial sector at Deloitte, said the government is also expected to provide concessional tax rates on the sale of all carbon credits and renewable energy credits (RECs). This should not be limited to just carbon credits recognized by the United Nations Conference on Climate Change. He also recommended hydrogen purchase obligations (HPO) for sectors such as refineries and fertilizers to boost domestic demand.

GST on passenger vehicles expected to decrease

Rajeev Chhaba, Honorary CEO, JSW MG Motor India has said that the current GST rate structure on passenger vehicles in India is quite outdated. It needs to be updated in line with the changes taking place in the automotive industry.

He said the government should consider the holistic perspective of vehicular emissions, reduction in import bill, sustainable local supply chain and total cost of ownership while formulating policies on the automotive sector.