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Budget 2024 Criticized for Missing Green Hydrogen Support Insight

Last Update 29 July 2024

Experts criticize India's Union Budget 2024-25 for lacking new measures to boost the green hydrogen sector, despite its global significance. While the government has allocated Rs 600 crore in the Interim Budget for green hydrogen initiatives, experts call for additional fiscal incentives and regulatory mandates to bridge the gap between grey and green hydrogen and strengthen the industry.

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The Union Budget 2024-25 missed a crucial opportunity to bolster the green hydrogen sector, despite its growing global importance. While the Interim Budget allocated ₹600 crore for green hydrogen initiatives, the full Budget lacked specific measures to further support this sector. Experts highlight the need for additional fiscal incentives, such as tax holidays and concessional corporate tax rates, to enhance India's competitiveness and counter global green subsidies. The Strategic Interventions for Green Hydrogen Transition (SIGHT) scheme, with ₹4,500 crore, is a positive step, but more targeted support is essential. To ensure a robust transition, experts suggest regulatory mandates for green hydrogen adoption, reducing electrolyser costs, and developing infrastructure for hydrogen storage and transportation. India's goal to increase renewable energy capacity to 500 GW by 2030 underscores the importance of green hydrogen in achieving net-zero emissions by 2070. More robust support is needed for India to become a global leader in this field.

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