Renewable Energy shares jump up to 8%; Suzlon Energy, Inox Wind, Adani Green in focus

Shares of renewable companies jumped as much as 8% in trade today after Finance Minister Nirmala Sitharaman announced a slew of measures to boost the industry.

The FM said that renewable energy was one of the nine key focus areas of the government as part of its Viksit Bharat vision.

Steps that the FM announced include:

• PM Surya Ghar Muft Bijlee Yojana: To encourage rooftop solar for 1 cr houses
• Pump storage project
• Partnership with private sector for small nuclear reactors

The interim budget for 2024 saw ₹8,500 crore being dedicated to the Ministry of New and Renewable Energy which is considerably higher than ₹4,970 crore set aside for the ministry in the previous year.

In the past, the government has introduced several policies and schemes to support the adoption of new and renewable energy. Policies such as the Pradhan Mantri Suryodaya Ajna have been implemented to decentralise solar energy use.

The government is also aiming to achieve a net-zero carbon emissions target by 2070 in order to tackle climate change and direct the country towards a greener and more sustainable economy.

Among other steps in the Budget, the FM said the government will allocate ₹11.11 lakh crore as spend towards capital expenditure.

The fiscal deficit came in at 4.9%, lower than analyst expectations.

The market was trading lower, with the Nifty and Sensex falling 0.3% lower.