A budgetary allocation of Rs 7,327 crore has been made for the solar power industry, including grid, off-grid, and PM-KUSUM projects, in the Union Budget for 2023–24. This represents a 48% increase over the prior amount of Rs 4,979 crore stated in the document's Revised Estimates.
The Expenditure Budget document for 2023–24 states that Rs 4,970 crore, Rs 1,996 crore, and Rs 361 crore are allotted for grid-interactive solar power projects, PM–KUSUM, and off–grid solar power projects, respectively. "Phase-III of the off-grid solar PV programme is being implemented, and it entails the installation of 100 MWp worth of solar power packs as well as the distribution of 25 lakh solar study lamps and 3 lakh solar street lights. Additionally, more than 3 lakh solar street lights would be erected as part of AJAY Phase-II. The document said that additional concentrated solar thermal installations totaling 20 MW would be implemented.
For the current fiscal year, a total of Rs 1,214 crore has been allocated for wind energy projects, which is a 14% reduction from the Rs 1,413 crore allocated in the Revised Estimates. The National Green Hydrogen Mission would receive Rs 279 crore from the Expenditure Budget Paper for 2023–2024.