Budget 2024: Power & Renewables Allocations Up, Limited Stock Impact Expected

• Union Budget allocations for power and renewable energy largely met expectations, reflecting execution of existing schemes.
• Ministry of Renewable Energy's net budgetary allocation increased by 30.1% to Rs 32,914.67 crore for BE 2026–27.
• Solar energy dominates spending with a 32.1% rise, driven by PM Surya Ghar Muft Bijli Yojana; National Green Hydrogen Mission doubled.
• Analysts anticipate limited immediate impact on power and renewable energy stocks as positives were already factored in.
• Long-term outlook remains strong due to structural demand drivers like data centers, AI, EVs, and green hydrogen.

Why It Matters: Budget 2024 boosts power and renewables spending, but stock impact is limited as news was already priced in.