India’s push for electric vehicles (EVs) needs urgent acceleration, as EV registrations account for only 6-7% of total vehicle sales, far from the 2035 transition goal. The renewable energy sector also faces challenges, with a new target of 1,800 GW by 2047, despite falling short of past targets in 2023-24 and 2024-25. Achieving these ambitious goals requires massive infrastructure investments, particularly in solar energy, where current capacity stands at just 50 GW.
A robust ₹30 lakh crore investment is crucial for the power sector, covering generation, transmission, and distribution. Public sector banks should contribute at least one-third of this amount to attract global financial support. Additionally, the transmission sector alone requires over ₹10 lakh crore to strengthen India’s grid. As India aspires to become a global manufacturing hub for semiconductors, solar panels, and heavy equipment, reducing reliance on imports, especially from China, remains critical for long-term growth.
At Eninrac, our tradition of pre-budget and post-budget analyses continues, providing strategic insights into India’s evolving economic landscape. We will closely examine the Union Budget 2025’s impact on key sectors and share detailed post-budget discussions soon.
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