Interim Budget 2024-25: Major Boost For Infrastructure and Renewable Energy

The interim budget for 2024 provides major financial support for infrastructure, green energy and various other sectors. The government announced a capital expenditure of USD 133 billion (INR 11lakh crore) for infrastructure development in 2025. The government will develop three major railway economic corridors. These corridors will enable multimodal connectivity.

Viability gap funding for offshore wind energy projects with an initial capacity of 1 GW. Furthermore, the budget also includes major support for coal gasification and liquefaction plants. Units with a production capacity of 100 metric tons will be set up by 2030, which will effectively reduce the import of methanol.

Additionally, the Finance Minister also announced the expansion of the EV ecosystem by supporting manufacturing units and charging stations. The government will expand the EV ecosystem, ensuring sustainability. this financial support will generate more job opportunities for the youth.

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Another major announcement was regarding roof-top solarization. the scheme will provide 300 units of free electricity for 1 crore homes, thereby saving INR 15–18,000. The finance minister also stated that the IMEC corridor is a strategic and economic game changer for India. the corridor will be the basis of world trade for 100 years to come, and history will remember India.

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