Post-Budget Reaction Quote – Mr. Kush Singh, CEO, Essar Power.
“The Union Budget 2022-2023 reflects the country’s rapid economic growth whilst projecting a bright future. Honourable FM has based the budget on 7 priorities wherein Green growth has been given a major spotlight which is the current need of the hour for the energy sector. Green hydrogen will emerge as an important instrument to decarbonize the energy value chain, including the corporate sector. The decision to reduce customs duty on lithium ion batteries will promote energy storage to provide round-the-clock renewable power at a reduced cost. The amalgamated steps taken will not only help reduce the carbon intensity of the economy but will simultaneously help create job opportunities. The ultimate goal is to reduce dependence on fossil fuel inputs and make the country assume technology and market leadership in this sunrise sector. This is a growth-oriented budget and the efforts made towards green growth including policies and fund allocations will help us achieve the target of green hydrogen production of 5 mn tonne by 2030.”