Union Budget 2025-26 Reactions

The union budget 2025-26 has introduced a series of measures – spanning power sector reforms, nuclear energy development, clean technology manufacturing, lithium-ion battery production, and tariff reductions, alongside a significant increase in budgetary allocations for the Ministry of Power and the Ministry of New and Renewable Energy. Reflecting these priorities, the budget allocated Rs 218.47 billion for the Ministry of Power and Rs 265.49 billion for New and Renewable Energy for 2025-26, marking a significant increase from the previous year. Renewable Watch provides edited excerpts of budget reactions by industry executives working in the power sector….

Pratik Agarwal, Managing Director (MD), Sterlite Power and Chairman, Serentica Renewables

“The budget’s focus on deregulating nuclear power and encouraging indigenous small modular reactors (SMRs) is a big step in the right direction. With enough efforts in research and development (R&D), India can strive for global leadership in nuclear power capital goods. While there is continued focus on domestic manufacturing of generation and storage equipment, there is new-found mention of high-voltage transmission equipment. Given that there are global deficits in this product category, focusing on this sub-segment is a very sound move. India can strive to displace its neighbours and become a global champion in high-voltage transmission equipment. Last, the focus on distribution reforms and intrastate transmission is extremely welcome. India’s power sector is doing quite well when it comes to generation, and inter-state transmission. It’s the last mile transmission and distribution that needs the most attention.”

Ashish Bhandari, MD and CEO, Thermax

“The union budget’s strong push towards manufacturing and the Make in India initiative reaffirms the nation’s commitment to becoming a global manufacturing powerhouse. The newly announced National Manufacturing Mission, with its comprehensive policy support and execution roadmap, will streamline the sector and drive exponential growth. Equally important is the focus on green and clean development supporting clean tech manufacturing will be a game-changer in advancing energy efficiency and accelerating our journey towards sustainability. Additionally, strengthening workforce skills through global skilling partnerships will help bridge critical gaps and position India as a key player in the global supply chain. With these strategic initiatives, India is well on its way to achieving sustainable, inclusive, and technology-driven industrial growth.”

Amit Bhargava, Partner and National Head, Mining & Metals, KPMG in India

“Union budget 2025 has recognised and empowered the aspirations of the metals and mining sector to further strengthen its global positioning, in terms of scale of production, greener product offerings and increased innovation. The budget supports specifically in realising mining potential, availability of digital capabilities, increasing value chain competitiveness, enabling energy transition and decarbonisation, encouraging critical minerals related circularity and logistics efficiency. Some of the key takeaways are:

• Minor minerals mining and critical minerals recovery from tailings is a step to realise the potential of mining and availability of critical minerals (including exemption/ reduction of BCD on key critical minerals)
• Empowering MSMEs to enhance exports, access to technology and funding would be a step for improving the competitiveness of sector’s downstream value chain
• Clean technology focus that helps establishing domestic solar/ EV related manufacturing would be critical in further expediting the energy transition of the sector
• Centre of Excellence (CoE) for AI and emphasis on Industry 4.0 would be instrumental in ensuring availability of key digital capabilities, so critically required by the sector
• India post infrastructure to be leveraged in bringing in greater logistics efficiencies.”

Vivek Bhide, Regional President, India, and Group Transformation Officer, John Cockerill

“The announcement of a National Manufacturing Mission presents an opportunity to establish a robust ecosystem for components such as electrolysers and make India a hub for the exports of electrolysers. The clean-tech industry could also benefit from the outlay of Rs 1.5 trillion towards 50-year interest-free loans for projects implemented in public-private partnership (PPP) mode. Additionally, we welcome the proposed establishment of National CoE for skilling, as it will bring in the global expertise and partnerships needed to equip India’s youth with the skills required for world-class manufacturing. Together, the aforesaid initiatives will greatly improve domestic value addition and help us make rapid progress towards the goals set out in the National Green Hydrogen Mission. This is of vital importance because green hydrogen holds tremendous potential for decarbonising industries such as refining, shipping, steel, fertilisers, power generation, and chemicals.”

Dushyant Chachra, CFO, SAEL

Dr. Miniya Chatterji, CEO, Sustain Labs Paris

“The union budget 2025 marks a good step towards a greener and more self-reliant India. By prioritising domestic production of solar PV cells, wind turbine generators, and other clean energy technologies under the National Manufacturing Mission to reduce imports, India is moving toward self-reliance and climate resilience. The push towards promoting sustainable farming practices with the aim of reaching around 17 million farmers through Prime Minister Krishi Yojana has the potential to have a big catalytic effect on mitigating India’s environmental challenges. Additionally, the identification of MSMEs as an engine for growth can be a boost to employment, especially in the manufacturing sector. Finally, the target of 100 GW nuclear energy by 2047 under the Nuclear Energy Mission will further add up to the country’s transition to net-zero. The budget for this year lays the groundwork for a more resilient India by promoting sustainable economic growth and self-sufficiency”.

Anurag Choudhary, CMD and CEO, Himadri Speciality Chemical Limited

Manish Dabkara, Chairman and MD, EKI Energy Services and President Carbon Markets Association of India

“The budget announcements mark a progressive step toward India’s decarbonisation goals, creating opportunities for the industry working in decarbonisation, sustainability service providers, and the broader climate economy. The Make in India National Manufacturing Mission will accelerate clean tech manufacturing, enhancing domestic capabilities in solar PV cells, EV batteries, electrolysers, and wind turbines, all critical to a net-zero future. The Nuclear Energy Mission, with a Rs 200 billion investment in SMRs, will support clean baseload power, further reducing dependence on fossil fuels. The government’s commitment to amending laws to enable private sector participation in nuclear energy opens up new investment channels for clean energy projects. Policies promoting a circular economy, such as financial incentives for shipbuilding and ship recycling, align with global sustainability goals. The ease of doing business reforms, including the launch of a state Investment Friendliness Index, signal a more conducive environment for sustainability-driven businesses. The revamping of Bilateral Investment Treaties can drive global capital toward green investments in India.

The budget supports renewable energy, industrial decarbonisation, and carbon markets to meet its net-zero and Nationally Determined Contributions commitments in line with the Paris Agreement with long term goal for 2070 and short term goal for 2030. As a leading carbon credit developer and sustainability service provider, we see these reforms as pivotal in accelerating India’s net zero journey; however, we are expecting budget allocation towards carbon markets support which is missing in the interim policy. It is absolutely necessary to catalyse India’s decarbonisation journey. We are committed to supporting industries in leveraging carbon finance, implementing decarbonisation strategies, and achieving long-term climate goals through innovative solutions.”

Anish De, Global Head (Energy, Natural Resources and Chemicals), KPMG

“The ambitious programme on nuclear power outlined in the union budget 2025 is a very welcome development. In the coming decades the country will become the second largest energy demand centre in the world.  Nuclear energy will have to play a central role in decarbonisation of India’s energy supplies. For this a range of issues have to be addressed including on technology, fuel, safety, liabilities and costs. Setting a clear north star on development of nuclear power at scale through the union budget provides directional clarity on these issues. However, a string of follow-on measures will be required to ensure implementation of the goals and attract. Amendment of the Atomic Energy Act will be a key step in that regard.”

Dr. Nishanth Dongari’s, Founder and MD, PURE EV

“The union budget 2025 is a growth-oriented and forward-looking blueprint that strengthens India’s commitment to clean technology and energy self-reliance. The exemption of lithium-ion battery capital goods, along with 35 new exemptions for EV battery manufacturing, will drive faster localisation and technological advancement, furthering India’s push towards becoming a global hub for electric mobility. The National Manufacturing Mission’s emphasis on clean tech manufacturing, including EV batteries, motors, controllers, and grid-scale storage, will enhance domestic value addition and build a robust ecosystem for sustainable mobility. The focus on grid scale (energy storage system) batteries is particularly significant as it will support the growth of solar and wind energy while accelerating the much-needed infrastructure for EVs. The Rs 100 billion Fund of Funds for Startups is also a welcome step that will provide vital capital to entrepreneurs at various stages, reducing dependence on foreign funding and encouraging homegrown innovation. Also, the Nuclear Energy Mission, with its 100 GW target by 2047 and Rs 200 billion allocation for SMRs, further reinforces India’s clean energy ambitions. Additionally, the introduction of the ‘Grameen Credit Score’ framework for rural borrowers is a transformative step that will improve access to finance for rural areas, thus contributing significantly to the growth of the rural economy. This move will empower self-help groups and rural borrowers by making loans and financial services more accessible. This budget lays a strong foundation for a self-reliant, green, and innovation-driven India.”

Tanmoy Duari, CEO, AXITEC Energy India Pvt. Ltd

“AXITEC applauds the union budget 2025-26 for its visionary support of India’s clean energy transition, particularly through the National Manufacturing Mission aimed at boosting local production in key sectors like solar energy and electric vehicles. The government’s commitment to fostering a robust ecosystem for manufacturing EV batteries, solar PV cells, electrolysers, and grid-scale batteries is a crucial step toward strengthening India’s energy security while supporting sustainable growth. By prioritising clean tech manufacturing, the budget lays a solid foundation for a greener, more self-reliant future. Furthermore, the announcement of a Nuclear Energy Mission, with a dedicated Rs 200 billiom outlay for the R&D of SMRs, reflects a forward-thinking approach to meeting India’s energy needs. This, alongside plans to operationalise five indigenously developed SMRs by 2033, is a bold move towards diversifying India’s energy portfolio and accelerating its transition to clean, reliable power. These initiatives underscore the government’s strategic vision to not only meet immediate energy demands but to position India as a global leader in sustainable and clean energy solutions. AXITEC remains committed to supporting these efforts, aligning our innovation and development with the country’s ambitious climate goals.”

Vikas Gaba, Partner and National Head, Power and Utilities, KPMG in India

“Budget 2025 continues the momentum set in the previous year, focusing on clean-tech manufacturing, nuclear energy, electricity distribution reforms, and intra-state capacity expansion. A new mission for clean-tech manufacturing covering solar PV cells, electrolysers, EV batteries, and high-voltage transmission equipment will accelerate India’s path to Atmanirbharta. The push for nuclear energy remains strong, with a 100 GW target by 2047 and Rs 200 billion R&D mission for SMRs, alongside necessary legal reforms and promotion of private participation. SMRs offer a scalable, cost-effective, and safer path for energy transition and can be a game changer in the long run. Distribution reforms and intra-state capacity augmentation also receive a boost, with additional financial incentives tied to their implementation.”

Alok Garodia, MD, Jupiter International

“Today’s budget reinforces the government’s commitment to sustainable growth and clean technology manufacturing, with a decisive push for self-reliance in renewable energy through a new clean tech mission under Make in India. This initiative will be instrumental in building a strong domestic ecosystem for solar manufacturing, reducing import dependency, and positioning India as a global leader in renewable energy. Jupiter International fully supports this vision and remains committed to expanding solar manufacturing in alignment with the country’s clean energy goals.”

Rajesh Gupta, Founder and Director, Recyclekaro

“The union budget 2025 takes a decisive step towards strengthening India’s battery recycling and manufacturing ecosystem. The exemption of basic customs duty on critical minerals like cobalt, lithium-ion battery scrap, lead, and zinc will enhance domestic resource availability, reduce dependency on imports, and accelerate value addition within India. This move aligns with India’s vision for a circular economy, fostering investment in battery recycling and EV supply chains. The addition of new capital goods for EV and mobile battery manufacturing will further boost local production and job creation.”

Rupal Gupta, Co-founder, MD, and CEO, Oriana Power

“The union budget 2025 marks a decisive step towards accelerating India’s energy transition. The enhanced focus on renewable energy includes a variety of incentives for green hydrogen and domestic manufacturing of electrolysers, solar PVs, and energy storage solutions. This will make India atmanirbhar in energy and strengthen our energy security in the long run.

The budget’s allocation towards grid modernisation and clean energy infrastructure is particularly encouraging, as it will pave the way for a more resilient and efficient energy ecosystem. We at Oriana Power believe this is the right moment for India to push towards accelerated clean energy adoption. As a leading player in the sector, we are committed to supporting this transformation through the pursuit of large-scale solar projects under the PPP model and double down on our compressed biogas, battery ESS, and green hydrogen and e-fuels business verticals.”

Sameer Gupta, Chairman, Jakson Group

“The recent budgetary focus on escalating infrastructure investment, particularly through the allotment of Rs 1.5 lakh trillion for state capital expenditure, underscores a strategic move towards strengthening India’s core sectors. The commitment of Rs 10 trillion for new projects under the Asset Monetisation Plan 2025-30 promises significant enhancements in energy and infrastructure capabilities. Additionally, the emphasis on renewable sectors with initiatives in solar energy and biofuels aligns with industry needs for sustainable development. The new manufacturing mission under Make in India is a defining step toward building India’s self-sufficiency in solar, hydrogen, and storage technologies. By fostering an integrated ecosystem, we are not just reducing import dependence but creating a foundation for India to lead the global clean energy revolution.”

SK Gupta, Director and CFO, AMPIN Energy Transition

“Budget ‘2025’ is a welcome growth oriented budget aiming to provide transformative reforms to critical sectors of both fiscal and core development of the economy. ‘National manufacturing mission’ with continued focus on ‘Cleantech’  will further help diversify manufacturing across states, create jobs and make a larger contribution to national GDP in coming times. Relief in personal taxation limits is again a welcome change and is expected to act as a catalyst- promote both savings and consumption in the economy, in coming times.”

Vikram Handa, Managing Director, Epsilon Advanced Materials, Chair, India Battery Manufacturing & Supply Chain Council, IESA

“The union budget 2025’s clear focus on clean technology, particularly the launch of the Clean Tech Mission, is incredibly encouraging. The emphasis on EVs and battery technologies aligns perfectly with India’s ambition to create a sustainable mobility ecosystem. At Epsilon Advanced Materials, we are especially excited about the initiatives to boost domestic manufacturing of EV batteries and components. The exemption of crucial materials like cobalt powder, lithium-ion battery scrap, lead, zinc, and 12 other critical minerals from BCD is a significant step. Further incentivising domestic production is the inclusion of 35 additional goods for EV battery manufacturing in the exempted capital goods list, which will help reduce reliance on imports. This provides a powerful impetus for the industry to invest in expanding domestic capabilities. The budget’s overall thrust towards fostering a robust clean tech ecosystem is highly commendable and positions India for leadership in the global clean energy transition. We are ready to play a key role in this exciting growth story.”

Ashwin Jacob, Partner and Energy, Resources & Industrial Industry Leader, Deloitte India

“The government has continued its focus on making India Aatma Nirbhar in the energy sector. Focusing not just on generation but on the entire value chain is a welcome move. Announcements of additional borrowing of 0.5 per cent of state GDP to be allowed to strengthen electricity distribution and incentivise electricity distribution reforms, along with the augmentation of intra-state transmission, will play a critical role in providing energy access to all and ensuring a calibrated glide path for energy transition. Additionally, the National Manufacturing Mission to support clean tech manufacturing will help boost domestic production in cleaner sources of energy such as solar PV cells, EV batteries, motors and controllers, electrolyzers, wind turbines, and grid-scale batteries.”

Anmol Singh Jaggi, Chairman and MD, Gensol Engineering Ltd

“The National Manufacturing Mission is a transformative initiative that will create a more agile and competitive ecosystem for businesses. This mission is set to rapidly scale India’s domestic capabilities in solar PV cells, EV batteries, electrolySers, and grid-scale batteries. Gensol Group, being actively engaged across these sectors, is fully committed to contributing to India’s vision of Aatmanirbhar Bharat. We welcome the government’s budget, which prioritises these critical pillars of India’s long-term sustainability and global leadership in clean energy. Clean tech manufacturing thrives on policy certainty and strategic support, and this Mission provides both, backed by a robust execution and monitoring framework.”

Abani Jha, CFO, Saatvik Green Energy

“The union budget 2025 lays the groundwork for accelerating India’s clean energy transition and building a robust domestic manufacturing ecosystem. The announcement of a National Manufacturing Mission with execution and policy support for clean-tech manufacturing is a much-needed boost that will enhance India’s competitiveness in the global renewable energy supply chain. The government’s continued focus on strengthening domestic manufacturing of solar cells, modules, and grid-scale batteries aligns with Saatvik Green Energy’s vision of making India self-reliant in solar technology and reducing dependency on imports.

Additionally, the support for wind turbines and electrolysers will further boost India’s leadership in the renewable energy sector. These initiatives will not only drive large-scale investments but also generate employment and technological advancements in the industry. The launch of the Nuclear Energy Mission, along with proposed amendments to key legislation and the focus on SMRs, signals a diversified and forward-thinking approach to clean energy. While nuclear power has its role in India’s long-term energy security, I believe that solar energy remains the most scalable and cost-effective solution to achieve near-term decarbonisation goals. We look forward to collaborating with stakeholders to ensure that solar energy continues to be at the forefront of India’s clean energy transition.”

Sajjan Jindal, Chairman and MD, JSW Group

“This budget provides more money in the hands of the middle class which will help boost consumption. A change in tax slabs is a welcome step. The government has maintained its thrust on capex though the spend of Rs 11.2 trillion is lower than a spending of around 13 trillion that I was hoping for, based on the past trend. But still, capex spend is at a robust level and will give a boost to the core sectors. The boost to MSMEs, by increasing investment and turnover limits and expanding credit guarantees, is a very important step towards increasing the contribution of manufacturing sector in our economy. Creation of a 3-year pipeline for PPP projects and making the PM Gati Shakti data available for private sectors are important steps that will help the industry plan and execute large projects.”

 Anand Kabra, Vice Chairman and MD, GEON

“The announcement of a National Manufacturing Mission focused on clean tech manufacturing marks a pivotal moment for India’s sustainable industrial future. As a company deeply invested in green energy solutions and advanced battery technology, GEON welcomes this strategic policy support that will strengthen domestic manufacturing capabilities in EV batteries. The mission aims to improve domestic value addition and build our ecosystem for EV batteries, motors and controllers, electrolysers, wind turbines, very high voltage transmission equipment, and grid-scale batteries. The government’s commitment to bolstering the renewable energy ecosystem will accelerate India’s transition to sustainable energy and create a robust framework for innovation. This policy support will be transformative for India’s industrial landscape, helping manufacturers reduce operational costs while advancing their sustainability goals. The focus on grid-scale batteries is particularly significant, as it will play a crucial role in stabilizing and expanding India’s clean energy infrastructure. At GEON, we look forward to contributing our expertise and working alongside the government to realize the vision of a cleaner, more sustainable industrial landscape in India.”

Praveen Kakulte, CEO, Powercon Group

“The budget 2025 marks a crucial turning point in advancing India’s clean energy goals. The strong focus on capacity building through National CoE of skilling across the country is a vital step to equip the nation with the specialised skills and deep domain expertise needed to build advanced power plants and optimise energy extraction. This commitment will play a key role in achieving India’s clean power target of 500 GW by 2030 while maintaining cost efficiency.
With a clear roadmap in place, this budget sets the stage for India to ‘generate more GWh of energy from every installed GW of power,’ driving not only energy efficiency but also contributing to a greener, more sustainable future for generations to come. It’s an investment in both the workforce and the future of India’s energy landscape”.

Rajeev Kashyap, SVP and General Manager, Nextracker India, Middle East and Africa

“We welcome the budget 2025-26, a significant step towards cementing India’s leadership in clean technology. The focus on boosting domestic manufacturing of key components like grid-scale batteries, electrolysers, and solar cells is a critical enabler for the renewable energy sector. This will not only reduce dependence on imports but also drive down costs, making clean energy more accessible. The government’s parallel focus on strengthening the electricity grid, including enhanced intrastate transmission capacity, is equally critical for ensuring the success of these renewable energy goals by driving operational efficiency and financial stability within the power sector.

At Nextracker, we are excited by the emphasis on solar innovation, particularly solar trackers, which are critical for maximizing energy yield and accelerating the growth of renewable energy. With our robust R&D capabilities, including the newly inaugurated Centre for Solar Excellence in Hyderabad, and our firm commitment to ‘Make in India,’ we are uniquely positioned to contribute to this vision. We are ready to play a pivotal role in supporting India achieve its ambitious target of 500 GW of renewable energy by 2030.”

Maxson Lewis, Founder and CEO, Magenta Mobility

“The union budget 2025 takes a big leap toward strengthening India’s economy while addressing the real challenges faced by SMEs and gig workers. MSMEs have long been the backbone of our EV industry, and this budget recognizes their role by offering targeted incentives, skill development programs, and infrastructure support giving them the tools they need to scale and innovate. At the same time, the expansion of the E-Shram scheme is a much-needed win for gig workers, ensuring they have access to social security, fair wages, and better upskilling opportunities. In today’s digital-driven world, these measures go a long way in creating a more inclusive workforce. What’s particularly exciting is the boost for manufacturing—especially in electronics and EV battery production—along with fresh investment incentives for startups. By focusing on clean energy, self-reliance, and innovation, this budget isn’t just about numbers. It’s about empowering businesses, workers, and entrepreneurs to build a more sustainable and globally competitive India”.

Benjamin Lin, President, Delta Electronics India

“The union budget 2025-26 is India’s commitment to becoming a world leader in sustainable technology, manufacturing, and digital innovation. Expansion of renewable energy, AI-driven industries, and smart infrastructure development make India the key player in the global green economy. A strong emphasis on lithium-ion batteries, critical minerals, and domestic manufacture of EV batteries in this budget will be crucial in reducing India’s dependence on imports and the development of India’s EV ecosystem. The introduction of a National Manufacturing Mission for EV batteries would be a quick catalyst for indigenous production and encouraging the resilience of the supply chain. Other encouraging steps include setting aside Rs 100 billion fund for startup. This will speed up innovation in clean-tech manufacturing, especially with regard to the production of solar PV cells, EV batteries, motors and controllers, electrolysers, and grid-scale batteries. Delta Electronics welcomes the proactive steps taken by the government to speed up the transition to clean energy, strengthen the infrastructure for EVs, and enhance industrial automation. We look forward to collaboration with industry leaders and policymakers in these opportunities to make a global difference and spur innovation.”

Baroruchi Mishra, Partner and Group CEO, Nauvata Energy Transition (NET) Enterprise

“The budget could be described as reformist, but perhaps not bold enough. Some key enablers of growth in the budget include:

• More disposable income for the middle class: This translates to a boost in consumption and the production of higher-value goods and services, which helps maintain the growth story.
• Reforms in urban development: These will aid in planned growth, but we need clearer direction in this area. We’ve largely been moving forward without a defined strategy in this space.
• A focus on mining for rare earth metals: This will help reduce dependency on China, strengthening domestic capabilities.
• Reclassification of MSMEs to scale up manufacturing: This initiative supports both employment growth and productivity enhancement. However, delivery of this intent will need to be closely monitored, as bureaucracy continues to slow progress in this sector.
• Increased focus on R&D: The Rs 200 billion allocation for private-sector-led research is much-needed. While we may still be catching up with the West and China, this marks a recognition of its importance.
• Encouraging innovation from early education: Initiatives like Tinkering Labs in government schools are a step in the right direction. This is similar to efforts seen in Japan and China, but we will need to ensure these are implemented as originally intended.
• Renewables push: This is promising, though incremental. Could we have been bolder, for example, by making 2G ethanol production more economically viable with higher prices. This could help mitigate the current trend of diverting sugar production for ethanol, while also fostering a new manufacturing sector for biofuels. Brazil could serve as a model here.
• Finally, with Deepseek and the growing role of AI in driving economic activity, the allocation of Rs 5 billion for three CoE for AI is a step in the right direction, but it leaves much to be desired.

Overall, the budget has its heart in the right place, but a broader and bolder approach would have been more impactful.”

Rajiv Ranjan Mishra, MD, Apraava Energy

“The union budget 2025 builds on the strong foundation built by its predecessors for accelerating India’s energy transition, boosting domestic manufacturing capabilities, and streamlining regulatory policies to promote ease of doing business. Further push to the Revamped Distribution Sector Scheme and the proposed incentives for States to enhance electricity distribution and intrastate transmission capacity will boost the financial health and operational efficiency of discoms. The incentive of additional borrowing allowance will encourage States to ensure rapid and efficient implementation of these projects. Building indigenous manufacturing capabilities in key sectors is crucial for energy security. We welcome the announcement of the National Manufacturing Mission under the ‘Make-in-India’ initiative to support the manufacturing of clean tech, EV batteries, motors, wind turbines, grid-scale batteries, and solar panels. The exemption of Li-ion batteries and critical minerals from basic customs duty will help in ensuring that India’s energy transition is not impeded in the meantime.

India’s admirable infrastructure growth from recent years will get a further boost and clearer long-term direction with the proposal to create three-year pipelines of PPP-mode projects with an outlay of Rs 1.5 trillion for 50-year interest-free loans. Additionally, the setting up of a High-Level Committee for Regulatory Reforms to review all non-financial sector regulations, certifications, licenses, and permissions, will strengthen investments in the power sector and accelerate the country’s transition to low-carbon energy solutions. We commend and welcome the Union Budget 2025 as it will drive the power sector towards a sustainable and energy secure future.”

Shreya Mishra, Co-Founder, SolarSquare

“Domestic solar cell manufacturing will be at the heart of India’s energy independence vision. The Finance Minister’s announcement to support cell manufacturing in this budget is a highly welcome step. Currently, India’s PM Suryaghar scheme mandates the use of solar panels made with domestically manufactured cells. While this has led to a surge in demand for solar panels, supply has struggled to keep pace.”

Vineet Mittal, Chairman, Avaada Group

“As we reflect on the union budget 2025, I am reminded of Modi Ji’s vision of a self-reliant and empowered India. This budget is more than a financial plan. It is a bold, transformative blueprint that embodies the spirit of Viksit Bharat, integrating infrastructure, manufacturing, and sustainability to propel India into a new era of growth and leadership. The government’s Rs 1.5 trillion in long-term, interest-free PPP-based infrastructure investment and the Rs 1 trillion Urban Challenge Fund are key pillars in modernizing our cities and strengthening India’s economic backbone. With investments in urban mobility, smart utilities, and green logistics, this budget aims to build resilient cities and enhance the quality of life for millions of citizens. In manufacturing, sector-specific incentives and the development of global manufacturing clusters will position India as a global leader in renewable energy components, wind turbines, batteries, and green hydrogen. The National Manufacturing Mission for MSMEs will drive innovation, fostering sustainable local industries while contributing to India’s export competitiveness.

The power sector reforms are equally transformative, with a focus on inter-state efficiency, innovative energy storage, and renewable energy expansion. The Nuclear Energy Mission, targeting 100 GW through indigenous SMRs, marks a historic shift toward long-term energy security and decarbonisation. I am particularly encouraged by the government’s commitment to green financing and carbon markets, which will help channel private investment into climate-resilient and clean energy projects. The National Green Hydrogen Roadmap will further establish India as a global leader in clean technologies and decarbonisation. Additionally, the NABFID credit enhancement facility will provide renewable and infrastructure companies greater access to bond markets, unlocking long-term, sustainable financing options.”

Rahul Munjal, Chairman and MD, Hero Future Energies

“I would like to congratulate the Hon’ble Finance Minister for presenting a visionary budget that aims to place India on a trajectory of inclusive, sustainable, and rapid economic growth. The thrust on infrastructure, manufacturing, healthcare, innovation along with direct tax reforms leaving more disposable income in the hands of the middle class should galvanise the economy. The budget also prioritises India’s clean energy ambitions by announcing policy support to boost grid storage infrastructure and production of electrolysers, wind turbines, solar cells, batteries, and very high voltage transmission equipment. The rationalisation of tariff on critical minerals and the incentives for manufacturing of Li-ion batteries are positive steps that will help strengthen the domestic manufacturing ecosystem, paving the way for Atma Nirbhar clean energy and clean tech sector and create more green jobs. This is a budget that sets the roadmap for a resilient, progressive and Viksit Bharat.”

Vignesh Nandakumar, CEO Asia, Enfinity Global

The launch of the National Manufacturing Mission, with robust policy support for clean-tech manufacturing, marks a pivotal step in strengthening India’s role in the global renewable energy supply chain. The government’s continued commitment to expanding domestic manufacturing of solar cells, modules, and grid-scale batteries will reduce import dependency and accelerate progress toward the 500 GW renewable energy target. Additionally, the support for wind turbines and electrolysers is a welcome move that will attract investments, generate millions of green jobs, and further advance India’s clean energy transition. The government’s decision to incentivise electricity distribution reforms and enhance intra-state transmission capacity is a strategic step toward fortifying the power sector. Strengthening the grid infrastructure will play a crucial role in facilitating the seamless integration of renewable energy, ensuring greater stability and efficiency in energy distribution. These measures will also enhance the financial health of distribution companies, driving reliability and sustainability in the sector. The provision allowing states an additional 0.05 per cent of their GSDP to implement these reforms underscores the government’s commitment to accelerating the adoption of renewable energy and modernizing India’s power landscape.

Niranjan Nayak, MD, Delta Electronics India

“The union budget 2025-26 lays down a strong foundation for India to transition towards becoming a sustainable, technology-driven, and self-reliant economy. The emphasis of the government on green energy, EV infrastructure, AI-led innovation, and digital transformation closely resonates with Delta’s aim to deliver energy-efficient, smart solutions that power the future. This would place India on further accelerated net-zero emission paths and spur technological leadership for the country simultaneously. Higher penetration of clean mobility will be facilitated through investments in modernising smart grids and EV charging infrastructure. Delta is placed to help since it leads the market for an EV charging and power solution. The production linked incentives (PLI) incentives for R&D and manufacturing under the scheme will further cement India’s position as a world manufacturing hub. Delta continues to utilise its prowess in industrial automation, power electronics, and smart infrastructure for contribution to the development of India. We are hopeful that together with industry stakeholders and policymakers, these budgetary allocations will take on a shape where the vision is turned into an actual path leading to a sustainable, digitally empowered, and future-ready India.”

Bikesh Ogra, MD and CEO, Jakson Green

“It seems that the budget was favorable to the clean energy sector. Make in India mission will establish India as a global renewable energy hub by reducing import dependence, creating jobs. Crucially, the budget emphasizes power sector reforms, incentivizing states to modernise distribution and transmission infrastructure that is essential for seamlessly integrating renewable energy sources into the grid and ensuring a stable power supply. The proposed PPP model for infrastructure development, coupled with substantial interest-free loans, will catalyse investments in renewable energy projects. The announcement of the Nuclear Energy Mission, with its focus on SMR R&D and a target of 100GW by 2047, demonstrates a balanced approach to clean energy. While solar, wind, and green hydrogen will be key, nuclear energy can play a complementary role in providing baseload power. The proposed amendments to the Atomic Energy Act and the Civil Liability for Nuclear Damage Act, along with greater private sector participation, are positive steps. We are also encouraged by the government’s commitment to ease of doing business. Streamlining approvals for M&A, combined with a modern regulatory framework, will further support the growth of the renewable energy sector.

The National Critical Minerals Mission is a vital initiative, securing access to critical minerals like lithium and cobalt is essential for manufacturing renewable energy technologies and ensuring India’s energy security. Focusing on exploration, mining, and processing of these minerals is a proactive approach. Also, the emphasis on skill development, capacity building and investing in training programs will create a skilled workforce to drive the clean energy transition. Overall, budget 2025 demonstrates a strong commitment to clean energy, sustainable development, and energy security, paving the way for accelerated growth in the sector.”

Dr. Amit Paithankar, Whole-time Director and CEO, Waaree Energies Limited

“The union budget 2025 has strengthened India’s pledge to clean energy self-reliance by prioritising domestic manufacturing, backward integration, skilling, and R&D. The announcement of the National Manufacturing Mission, along with enhanced PLI schemes and tariff rationalisation for critical minerals will support the rapid growth of the entire renewable energy ecosystem. The inclusion of lithium-ion battery manufacturing incentives and duty exemptions on key raw materials like cobalt and lithium will accelerate India’s emergence as a global hub for energy storage solutions, furthering the EV and solar industries. The focus on clean-tech is heartening, as it reinforces the long-term relevance of renewable energy in India’s economic and environmental future. Additionally, the establishment of the National CoE in skilling, coupled with the PM Research Fellowship and industry-driven initiatives, will empower a wider segment of India’s youth with industry-relevant expertise. The five engines of growth outlined in the budget are well-thought-out, ensuring inclusive and progressive development. Ultimately, it is the people of India who emerge as the biggest beneficiaries of today’s announcements. With a strong push towards ‘Make in India’ evolving into ‘Make for India, Make for the World,’ these policy measures will drive capacity expansion, fortify supply chains, and position India as a global leader in clean energy manufacturing.”

Rudra Kumar Pandey, Partner, Shardul Amarchand Mangaldas & Co

“In line with the increased focus and commitment towards clean energy, the Indian government also announced the introduction of Nuclear Energy Mission. It aims to develop at least 100 GW of nuclear power by 2047. To encourage research and development in relation to small module reactors, the Indian government proposed a budgetary allocation of Rs 200 billion – with the target of minimum five domestically developed small module reactors by the year 2033. Further, the Indian government also proposed to amend laws in order to increase private sector players in the nuclear energy segment. These initiatives will increase more involvement of private players and present more growth opportunities in the nuclear energy sector in India. To further strengthen domestic manufacturing, the Indian government announced National Manufacturing Mission capturing small, medium, and large industries, which aims to provide policy support, and monitoring framework for both centre and States in order to boost manufacturing in India. More importantly, as part of the Indian government’s commitment to promote clean energy, the NMM also aims at enhancing clean technology manufacturing in India. NMM, in addition to the PLI scheme, will improve domestic value addition in solar PV modules, EV batteries, high-voltage transmission equipment, wind turbines, and grid-scale batteries, and will project India as an effective counterpart to China which is a global leader in clean technology manufacturing.”

Ratul Puri, Chairman, Hindustan Power

“We applaud the union budget’s progressive measures aimed at accelerating India’s energy transition and achieving net-zero emissions by 2070. The focus on creating a ‘Make in India’ ecosystem in clean tech manufacturing including solar PV cells, electrolysers for green hydrogen production, and grid-scale batteries will enhance renewable energy integration and grid stability, while incentives for electricity distribution reforms promise to improve discom efficiency and reduce losses. The ambitious target of 100 GW of nuclear energy by 2047, supported by PPPs, highlights the commitment to diversifying India’s energy mix and accelerating the energy transition. Additionally, mining sector reforms, including the sharing of best practices and the institution of a State Mining Index, will ensure sustainable resource utilisation. The three-year pipeline for PPP projects will fast-forward India’s infrastructure development, ensuring long-term sustainability while driving innovation. The revision of income tax slabs is a progressive step that will encourage higher savings and increased consumer spending, stimulating economic growth. These initiatives mark a significant step towards a cleaner, more resilient, and sustainable future, and we are excited to play a role in this transformation.”

N.P Ramesh, COO and Co-Founder, Orb Energy

“With the 2025 budget announcement, finance minister Nirmala Sitharaman has set a clear path for India’s clean tech revolution. The National Manufacturing Mission aims to accelerate domestic production of solar cells/panels, and EV storage batteries ensuring that India not only strengthens its ‘Make in India’ vision but also becomes a key player in global supply chains. The reduction of BCD on lithium batteries is a very welcome step, as storage goes along with increased adoption of renewable energy. Alongside this, the focus on Industry 4.0 opens up exciting opportunities for our youth to lead the charge in innovation, creating a sustainable and energy-efficient future for generations to come. This is more than just a step toward economic growth. It’s a bold move to make India a global hub for clean energy solutions, driving job creation, reducing dependence on imports, and ultimately contributing to India’s clean energy goals”.

Visweswara Reddy, Chairman and Managing Director, Shirdi Sai Electricals Limited Group

“The union budget 2025 highlights the government’s strong commitment to meeting rising energy demands while staying aligned with its climate goals. Apart from key focus on strengthening electricity distribution, the budget plans to incentivise states to adopt critical reforms, such as smart metering much required towards a sustainable and equitable energy future. In addition, the continued support for PLI schemes for solar energy and contributions from nuclear energy will be pivotal in achieving renewable energy targets, ensuring a sustainable future for all. Overall, this announcement signals a major shift toward a diversified energy strategy, balancing clean energy with energy security. It reflects the government’s ambition to make India a global leader in sustainable energy while leveraging private sector innovation to accelerate the transition.”

Dhiman Roy, CEO and Director, GreenH Electrolysis Pvt. Ltd.

“An interesting budget focussed on accelerating growth, securing inclusive development and invigorating private sector investment. The support for clean tech manufacturing, which includes domestic manufacturing of electrolysers under the National Manufacturing Mission, to further “Make in India”, could be seen as a positive step for India in its energy transition efforts. The easing of import duties on critical minerals not available in India is expected to boost the manufacturing sector and create new job opportunities for our youth. While the industry had hoped for subsidies and mandates for green hydrogen in blending and purchase obligation for some sectors which would have created demand, we remain confident in the value proposition of green hydrogen in India’s clean energy landscape and look forward to continued support from the government.”

Rakesh Surana, Partner Deloitte India

“The government’s decision to further expand the customs duty waiver to include 12 additional critical minerals, along with the exemption on lithium scrap and cobalt waste, is a significant step in ensuring the availability of these essential resources. This move will provide a major boost to the MSME and manufacturing sectors, enhancing supply chains and strengthening India’s path towards self-reliance. It aligns with the broader vision of Aatmanirbhar Bharat and complements the recently announced National Critical Minerals Mission. By fostering a robust ecosystem for critical minerals, this initiative will drive long-term growth and sustainability in the sector.”

Deepak Sharma, Zone President- Greater India and MD and CEO, Schneider Electric 

“The union budget 2025 marks a pivotal moment for India, laying the foundation for a truly ‘Viksit Bharat.’ The National Manufacturing Mission, focused on cleantech and ‘Make in India for the World,’ holds immense potential to transform our manufacturing landscape. The budget also recognises the critical role of agriculture in India’s growth story. Initiatives like the PM Dhandhanya Krishi Yojana, benefiting an impressive 17 million farmers, alongside increased Kisan Credit Card limits and investments in vital agricultural infrastructure, demonstrate a strong commitment to this sector. Recognizing that agriculture significantly contributes to our GDP and employs over 40 per cent of our workforce, these measures are crucial for ensuring food security, improving farmer livelihoods, and driving rural prosperity. The government’s commitment to infrastructure is evident, emphasising outcome-driven projects and the Urban Challenge Fund addressing critical needs like airport connectivity and clean water access. I particularly applaud the focus on modernising the power grid and scaling renewables through robust PPP models. This is crucial for a sustainable energy future.

Skill development is paramount for India to thrive in the Fourth Industrial Revolution. The establishment of national CoE will empower our workforce with the skills needed for the future economy. At Schneider Electric, we are excited by these developments. We will leverage our expertise in digitalisation, automation, and sustainability to support India’s journey. We will collaborate with the government and industry to accelerate the adoption of clean energy solutions, enhance grid resilience, and build a truly sustainable and inclusive future. Through our brand, Lauritz Knudsen Electrical and Automation, we are excited to proliferate technological advancements within the agriculture sector and make the best use of the initiatives announced today.”

Hartek Singh, Chairman and MD, Hartek Group

“The FY26 budget reaffirms its commitment for a more decarbonised future with an aim to boost the entire renewable energy ecosystem. The government’s focus on a combination of nuclear energy, solar power, electrolysers for green hydrogen, and EVs underlines this vision. Strengthening energy transmission infrastructure is another key priority, which will ensure smooth delivery of power across the country as more generation capacity gets added. It is also evident that nuclear power will now be a key part of India’s energy basket with target of 100 GW by 2047. At Hartek Group, we welcome these initiatives and are eager to contribute to India’s journey towards a developed and energy-secure future, where sustainability and progress go hand in hand.”

Parag Sharma, CEO and Founder of O2 Power, President at WIPPA

“The union budget for 2025-26 reaffirms India’s commitment to clean technology manufacturing with particular focus on building India’s own ecosystem for solar PV cells, EV batteries, electrolysers, grid scale storage, and wind turbines. While we will need to wait for the details of this announcement, it is evident that the government wants to significantly reduce dependence on imports in the coming years and boost manufacturing of clean energy equipment. This measure now needs to be backed by action on ground as the share of renewable energy in our overall energy mix rises steadily. Further, a domestic ecosystem will help India accelerate capacity addition and ensure we first attain 500 GW by 2030 and then 1,800 GW by 2047. Beyond these measures to boost renewable energy sector, we also need credible measures to address challenges such as land acquisition. A comprehensive approach that includes land reforms, grid security, and faster execution of power purchase agreements is imperative to accelerate India’s clean energy transition.”

Shalin Sheth, Founder and MD, AETL

“The union budget 2025-26 outlines a promising path for India’s energy and infrastructure sectors. At Advait Energy Transitions Limited, we are encouraged by the Indian government’s dedication to strengthening power transmission, advancing renewable energy projects, and modernising the grid. The increased investment in infrastructure and manufacturing agenda aligns with our mission to drive innovation and contribute to a sustainable future. With a focus on distribution reforms and intra-state transmission expansion, we see significant opportunities to enhance efficiency, resilience, and connectivity in India’s energy landscape. India’s move toward a greener and more robust infrastructure ecosystem is in the right direction.”

Simarpreet Singh, Executive Director and CEO, Hartek Group

“India’s dedication to renewable energy and manufacturing is emphasised in the union budget 2025-26, which places a high priority on solar, battery storage, and grid-scale electrification. An important step toward achieving energy independence is the emphasis on cleantech production of wind turbines, solar cells, and electrolysers. Further, the budget talks about building an ecosystem for high voltage transmission equipment. While the fine print is awaited, this is a welcome announcement since this may lead to commencement of manufacturing of HVDC in India. India will become a global leader in clean energy by accelerating the integration of renewable energy through deep-tech funding and strengthening intrastate transmission. A key component of the 2030 sustainability target is India’s drive for solar, battery storage, and next-generation energy solutions. Opportunities in solar and energy storage are expected to get a boost with investments in deep-tech innovation and the Rs 1 trillion urban challenge fund.”

Sumant Sinha, Founder, Chairman and CEO, ReNew

“The union budget 2025 is a prudent plan that aligns with India’s immediate need for consumption boost and medium-term focus on enhancing manufacturing competitiveness. It accelerates the clean energy transition with strong support for clean tech manufacturing and nuclear energy. The Rs 200 billion allocation for nuclear energy and proposed legislative reforms demonstrate a forward-thinking approach to energy security and decarbonisation. The National Manufacturing Mission and adjusted duties on batteries are key steps toward strengthening domestic clean energy manufacturing. Additionally, the target of 10,000 fellowships for research, including clean tech, positions India to lead in sustainable energy while boosting both economic and environmental resilience.”

Nishant Sood, MD, Candi solar 

“The announcement of the National Manufacturing Mission to support clean tech, particularly in EV batteries and solar panels, is a significant step towards strengthening India’s position as a leader in the renewable energy sector. This forward-thinking initiative will not only foster domestic production but also drive innovation and efficiency, further accelerating our transition to clean energy. We are especially encouraged by the government’s focus on scaling up battery storage, which is a critical enabler for solar energy adoption. While the existing PLI schemes are a positive move, additional duty-based support for storage technologies will be key to unlocking the full potential of solar in India. This budget signals a clear commitment to a sustainable, self-reliant energy future, and we are excited to be a part of this transformation.”

Girish Tanti, Vice Chairman, Suzlon

“The government budget seems to be a significant step towards achieving India’s ambitious energy goals. By strengthening Aatmanirbhar Bharat across manufacturing and agriculture, with a focus on clean tech, wind, solar, EV, and battery storage, the budget aims to accelerate self-reliance in wind and solar manufacturing. The National Manufacturing Mission’s targeted support for all renewable energy sources is a welcome move, as it reinforces India’s commitment to a level playing field and ambitious energy goals. The expected outcomes are promising: surpassing the 500 GW target and creating nearly 3 million green jobs. Additionally, incentives for electricity distribution reforms and intra-state transmission upgrades will likely improve the financial health of power companies and enable better grid integration of renewables. This comprehensive approach should have a positive impact on India’s economy and population.

“The key word is Eco-System: the nation cannot rely on just individual solutions to achieve its green transition at lowest cost to customers. It requires a judicious mix of wind, solar, batteries and other non-fossil technologies, together with distribution reforms. For national security, we need to build this expertise locally, requiring the build-out of all these industries at scale.  We are happy that this budget recognises this need.  Suzlon is keen to work with the government and together with our fellow industrial groups to realise this vision.”

Anvesha Thakker, Partner, Business Consulting and National Lead for Clean Energy, KPMG in India

“A budget that catalyses growth, innovation and self-sufficiency in clean energy sector.

This budget provides a decisive push for clean energy, focusing on the critical pillars of “Make, Innovate, and Expand.” It effectively addresses core challenges while unlocking immense opportunities in the sector. A key highlight is the focus on clean tech supply chains, with a manufacturing mission for building domestic ecosystem for all critical clean technologies including transmission equipment. Duty exemptions for essential minerals like cobalt powder, lithium-ion battery scrap, and lead, alongside capital goods exemptions for 35 additional EV battery components, will strengthen domestic value chains. The Nuclear Energy Mission, with relaxed regulations and civil liability norms, is a game-changer for clean energy growth and India’s decarbonisation ambitions. It provides a stable baseload alternative, essential as wind and solar expansion can eventually scalability challenges. Budget also emphasises technology, education, and skilling—through the Deep Tech Fund of Funds, AI-driven education, and national CoE—enhances innovation and workforce readiness which are critical for India’s global leadership in this space. Additionally, anticipated reforms in ease of doing business and land modernisation could address existing bottlenecks in land acquisition, approvals, and clearances. The distribution sector reforms and incentivized intrastate transmission upgrades with 0.5 per cent GSDP additional borrowing are crucial steps toward a resilient, sustainable power sector supporting India’s clean energy ambitions.”

Shailesh Tyagi, Partner, Climate Change & Sustainability Leader, Deloitte South Asia

“The 100 GW nuclear energy target by 2047 announced under the nuclear energy mission in today’s budget can be a game-changer for India’s clean energy future, signaling a strong push to scale up the current nuclear contribution, which stands at less than 2 per cent of the national energy mix.The recently announced Economic Survey 2024-25 also highlights the pivotal role of nuclear energy in India’s transition to a low-carbon economy. This development will be backed by enablers that include private sector mobilization and a dedicated Rs 200 billion allocation for SMRs research and development. If executed well, it will reduce reliance on fossil fuels, and fast-track India’s net-zero ambitions, establishing nuclear energy as one of the key drivers in the nation’s clean energy roadmap.”

Manoj Upadhyay, Chairman ACME Group and member, IESA

“The union budget 2025-26 is a testament to the government’s strong commitment to accelerating India’s clean energy transition. The significant focus on renewable energy, including increased funding for solar and wind projects and the continued push for green hydrogen, will pave the way for a sustainable and self-reliant energy ecosystem. The incentives for electric mobility and infrastructure development further strengthen India’s position as a global leader in clean energy. We appreciate the government’s progressive reforms and policy measures, which will drive innovation, attract investments, and create new opportunities in the renewable sector. This budget truly aligns with India’s vision of achieving energy security and a net-zero future.”

Rajat Verma, Founder and CEO – Lohum, Chair – India Reuse & Recycling Council, IESA

“The 2025 budget marks a watershed moment in India’s journey toward clean energy sovereignty and circular economy leadership. The government’s strategic vision for domestic manufacturing and critical minerals recycling demonstrates remarkable foresight in securing our sustainable future. The elimination of import duties on lithium-ion battery scrap, cobalt powder, and an array of critical mineral wastes unlocks unprecedented opportunities. Coupled with the duty exemption expansion to 63 additional capital goods for EV and mobile battery production, this creates a robust foundation for India’s manufacturing renaissance.

The landmark Rs 200 billion investment in private-sector R&D for emerging technologies signals a transformative shift in building a sustainable critical minerals ecosystem. At Lohum, where innovation drives our mission, we recognise this as a catalyst that will revolutionise India’s technological capabilities. The introduction of a comprehensive policy for critical minerals recovery from tailing epitomises the government’s commitment to Atmanirbhar Bharat through circular innovation. This strategic initiative, alongside the National Critical Mineral Mission and an Economic Survey that deeply examines climate adaptation, charts a clear course toward India’s energy independence. We extend our appreciation to the government and stakeholders who have orchestrated these visionary reforms. This demonstrated commitment to excellence positions India as a global leader in energy transition and climate action. At Lohum, we stand ready to amplify this momentum and drive India’s sustainable future forward.”

Vinayak Walimbe- President (Interim), India Energy Storage Alliance and MD, Customized Energy Solutions Pvt. Ltd. India

National Manufacturing Mission, Export Promotion Mission, and duty exemptions on essential raw materials will accelerate India’s position as a global hub for energy storage solutions. We welcome the initiatives and support provided by the government towards the battery manufacturing and recycling industry. IESA has been working for more than 10 years towards the growth of these sectors and it’s encouraging to see our recommendations are considered positively towards sector growth. The union budget for 2025-2026 has introduced reforms in six key areas: taxation, the financial sector, the power sector, urban development, mining, and regulatory reforms. This budget presents a transformative approach to the energy sector. The National Manufacturing Mission aims to promote clean tech manufacturing and enhance domestic value addition, while also fostering the development of an ecosystem for solar PV cells, EV batteries, motors and controllers, electrolysers, wind turbines, and grid-scale batteries. Solar energy continues to be the dominant contributor to India’s renewable energy growth, making up 47 per cent of the total installed renewable energy capacity.

The BCD exemption on essential raw materials such as cobalt and lithium will help reduce raw material costs, improve manufacturers’ profit margins, and enhance the cost-effectiveness of domestically produced lithium components, cells, and electric vehicles. Exempting duties on lithium battery waste and scrap will support battery recyclers in importing feedstock materials to India and enhance metal processing capabilities. This will reduce dependency on imports of freshly mined lithium and encourage domestic cell manufacturers to procure recycled lithium. Furthermore, the expanded PLI schemes and tariff adjustments for critical minerals are expected to strengthen the entire renewable energy ecosystem significantly.”