India's government, through Finance Minister Nirmala Sitharaman, announced its intention to provide viability gap funding (VGF) for an initial 1 GW of offshore wind power capacity. The announcement was part of the presentation of the Interim Union Budget for the fiscal year 2024/25. However, specific details regarding the VGF were not provided.
Last August, India's Ministry of New and Renewable Energy (MNRE) outlined a revised strategy for offshore wind, presenting three development models and an auction trajectory targeting 37 GW of total capacity.
As part of the same budget presentation, Minister Sitharaman unveiled a scheme to promote rooftop solarisation. This initiative aims to provide up to 300 kWh of free electricity per month to 10 million households, allowing them to save between INR 15,000 (USD 181/EUR 166) and INR 18,000 through free solar electricity and selling surplus power to distribution companies (discoms).
Under the “Green Energy” category, the interim budget outlines plans for setting up coal gasification and liquefaction capacity of 100 million tonnes by 2030, with the goal of reducing imports of natural gas, methanol, and ammonia. Additionally, financial assistance will be provided to procure biomass aggregation machinery to support collection.
The budget's Outlay on Major Schemes includes budget estimates of INR 100 billion for Solar Power (Grid), INR 9.3 billion for Wind Power (Grid), INR 6 billion for the National Green Hydrogen Mission, and INR 6 billion for the Green Energy Corridor.
India has committed to achieving net-zero emissions by 2070, a target set ten to 15 years later than most other countries.
