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Trilegal Update | Budget 2024: Key highlights for the energy, infrastructure and mining sectors

26 Jul 2024

Qualified Institutions Placement of equity shares by Lloyds Metals and Energy

The Union Budget 2024-2025, announced on 23 July 2024, proposes policies and fiscal measures with respect to certain important aspects in the energy, infrastructure and mining sectors. This update discusses the key highlights of the budget impacting these sectors.

Partners: Neeraj Menon, Riyaz Bhagat, Counsel: Kaneeka Mehta, Associates: Manasvi Sharma, Yashaswi Belani

The Finance Minister presented the budget for 2024-2025 (Budget) to the Parliament on 23 July 2024 with a focus on sustainable development and inclusive growth as part of the government’s vision for a ‘Viksit Bharat‘ (developed India) by 2047. The Budget further underscores the government’s commitment to infrastructure development and economic growth.

While the government of India has refrained from announcing sweeping policy and fiscal commitments for the energy and infrastructure sectors, the Budget includes significant steps to support India’s goal to achieve ‘net zero‘ by 2070. The establishment of a Critical Mineral Mission to boost domestic production and processing of essential minerals, auction of offshore mining blocks and the expansion of solar energy capabilities through enhanced customs duty exemptions are likely to be favourably received. The key highlights of the Budget are discussed in detail below.

1 Facilitating renewable energy transition and promoting domestic manufacturing for the energy sector

a. Solar energy

The solar energy sector has been allocated a total of INR 16,394.75 crore (including the allocation for PM Surya Ghar Muft Bijli Yojana) in the Budget for implementation of various schemes introduced by the central government, installation of solar streetlights and for other renewable energy applications (OREA), amongst others.
To promote domestic manufacturing of solar cells and panels, the government has expanded the list of capital goods exempt from customs duties. Additionally, to encourage domestic production of solar glass and tinned copper interconnects, the government has discontinued their customs duty exemptions. Starting 1 October 2024, a 10% basic customs duty (BCD) will be imposed on solar glass, and a 5% BCD on tinned copper interconnects.

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Trilegal Update | Budget 2024: Key highlights for the energy, infrastructure and mining sectors

Partners: Neeraj Menon, Riyaz Bhagat, Counsel: Kaneeka Mehta, Associates: Manasvi Sharma, Yashaswi Belani

1 Facilitating renewable energy transition and promoting domestic manufacturing for the energy sector

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