After the interim budget in February, the union budget provides additional support for India's energy and infrastructure sectors. Infrastructure and energy security are among the nine critical priorities in this union budget. Additionally, in the interim budget, the government announced a viability gap funding (VGF) scheme for renewable energy projects and a capital allocation of USD 133 billion for infrastructure projects.
Finance Minister Nirmala Sitharaman presents Union Budget 2024
Infrastructure
- The government announced a USD 18 billion (INR 1.5 lakh crore) provision for long-term interest-free loans to support states in infrastructure investment.
- USD 3 billion (INR 26,000 crore) for highways in Bihar
- Viability gap funding for infrastructure projects
- USD 31 billion (INR 2.66 lakh crore) for rural infrastructure projects.
- USD 1.7 billion (INR 15,000 crore) for Andhra State capital development.
- Funds are allocated for essential infrastructure such as water, power, railways, and roads in the Kopparthy node on the Vishakhapatnam-Chennai Industrial Corridor and the Orvakal node on the Hyderabad-Bengaluru Industrial Corridor.
- PM Gram Sadak Yojana phase 4 will be launched.
- Brownfield redevelopment of city infrastructure.
- Twelve industrial parks under the National Industrial Corridor Development Program were also sanctioned.
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Energy
- 2400 MW powerplant at Pirpainti, Bihar, with an outlay of USD 2.55 billion (INR 21,400 crore)
- NTPC and BHEL form a joint venture to develop an 800 MW advanced ultra-supercritical thermal power plant.
- Auction of the first tranche of offshore blocks for upstream projects.
- Research and development of small and modular nuclear reactors, setting up Bharat small reactors.
- A policy for promoting pumped storage projects will be created for electricity storage and facilitate smooth integration of the growing share of renewable energy.
- The Polavaram irrigation project is to be fully financed until completion.
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Read: Union Budget 2024-25: Bihar Gets Massive Package for Infrastructure and Energy Projects
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