Budget 2024 Announces Initiatives for Renewable Energy, Power Stocks Soar.

Power Stocks Climbed 

Power stocks climbed after the Finance Minister outlined plans to boost renewable energy and promote nuclear energy.

Stocks Increased by roughly 2%

Stocks such as PFC, REC, IREDA, and NTPC increased by roughly 2%.

Boost Renewable Energy

The finance minister also proposed a pump storage scheme to boost renewable energy.

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Thermal Critical Plant 

The sophisticated Ultra Super Critical thermal critical plant was constructed in collaboration with NTPC and BHEL.

India's Electricity Consumption 

India's electricity consumption increased 7.3% YoY in FY24, with a 5% CAGR over the previous five years.

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