Union Budget 2025: Catalyst for Solar Growth and Education Revolution

The Union Budget for FY25, announced by Finance Minister Nirmala Sitharaman, is seen as a catalyst for the solar industry and a revolution in education. Energy sector experts welcomed cuts in customs duties on critical minerals, while education sector leaders applauded substantial allocations and the introduction of digital public infrastructure.

Energy sector players on Tuesday welcomed the Union Budget for FY25, saying it acts as a catalyst for the growth of the Indian solar industry and provides access to affordable and clean electricity to households.

Finance Minister Nirmala Sitharaman announced a series of measures for the power and renewable energy sectors, including reductions in customs duties on essential minerals like lithium, copper, and cobalt. These minerals are critical for nuclear energy and renewable sectors, bolstering the energy transition.

Vikram Solar CMD Gyanesh Chaudhary hailed the Budget as empowering for millions, providing affordable and clean electricity. Goldi Solar MD Ishver Dholakiya emphasized support for pumped storage projects and tax incentives for solar manufacturing as key advancements. ReNew Chairman Sumant Sinha noted the government's policy document on the energy transition provides long-term investment clarity, while IndiGrid CEO Harsh Shah praised the rationalisation of long-term capital gain taxation for business trusts as enhancing investor attractiveness. The proposed taxonomy for climate finance, backed by Mynzo Carbon's Tanya Singhal, is anticipated to spur capital availability for climate projects.

In education, Jasmeet Singh Chhabra of JV Ventures highlighted how the digital public infrastructure will revolutionize learning. BBL Madhukar of the BRICS Chamber of Commerce pointed out that substantial spending on education and employment will improve education quality, skill development, and job creation. Education loans up to Rs 10 lakh will also make higher education more accessible.

(With inputs from agencies.)