Dr. Farooq Abdullah welcomes 61% hike in Budget for Renewable Energy Sector

Dr. Farooq Abdullah, Union Minister for New & Renewable Energy has welcomed the 61% hike for renewable energy sector in the budget allocation for the year 2010-11. In a statement he thanked the Prime Minister, Dr. Manmohan Singh and the Finance Minister, Shri Pranab Mukherjee for considering the financial requirements of the renewable energy sector. He said that the increased allocation will enable his Ministry not only to take up new projects but also to strengthen the existing ones.

The approved outlay of the Ministry of 2009-10 was Rs.620 crore (GBS). The same has now been enhanced to Rs.1000 crore (GBS) for 2010-11, which represents an increase of 61% over last year's outlay. This increase is mainly due to the increased thrust being given by the Government on Solar energy utilization under the Solar Mission.

The Finance Minister Shri Pranab Mukherjee in his budget speech in Parliament today also announced that to address the problem of energy deficiency in the Ladakh region of Jammu & Kashmir which faces extremely hard climate, the government proposes to set up solar, small hydro and micro power projects at a cost of Rs.500 crore.

Source : Equity Bulls

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