Budget 2023-24 wishlist: Here're key challenges in renewable energy sector

Key challenges

• India missed the 175-Gw green energy target by the end of 2022 by 55 Gw as due to slow progress in project development
• Solar rooftop saw limited growth due to lack of growth in key green energy tech sectors
• Concentrated supply chains in China for a number of facets resulting in increased prices for key raw material, components
• High interest rates in India results in costlier green power, affecting overall commercial viability and cost parity with fossil fuel power
• There is  limited access to financing for renewable energy manufacturing

Industry ask

• Production-linked incentive scheme in critical sectors
• Reduction in goods and services tax rates and duties
• Specific impetus for select Sectors
• Lowering interest rate for green energy
• Regulatory mandates