Page 59 - Policy Economic Report- June'26

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

June 2026 highlighted the need for improved maintenance and the potential to generate over 3.3 lakh jobs annually
as deployment scales.

The programme also featured two high-level plenary sessions, focusing on the future trajectory of rooftop
solar in India. The first plenary session, “From 40 Lakh to 1 Crore: The PM Surya Ghar Journey”, brought
together senior representatives from the Ministries of New and Renewable Energy, Power and Finance,
along with leading financial institutions, to deliberate on policy, financing and implementation priorities
for scaling adoption to one crore households. The second plenary session, “Subnational Frontiers:
Powering the State-Led Solar Surge”, convened senior state energy leaders to discuss cross-state
learnings, innovative incentive models, and strategies to balance rooftop solar expansion with DISCOM
sustainability and state-level energy priorities.

12. Government extends full customs duty exemption on critical petrochemical products in view of
ongoing conflict in West Asia till 15th July 2026

The Government had earlier provided a full Customs Duty exemption on imports of critical petrochemical
products till 30th June 2026, as a temporary and targeted relief in view of the conflict in West Asia and
the consequent disruptions in global supply chains.

The exemption was provided to ensure sufficient availability of petrochemicals in the domestic market as
Indian petroleum companies had been asked to concentrate on the production of LPG during this period.
As the situation is gradually normalizing, to ensure a smooth and non-disruptive transition for the affected
sectors, it has been decided to extend the said exemption by a further period of 15 days, that is, till 15th
July 2026.The list of products covered remains the same as notified earlier.

The Government remains committed to supporting India's manufacturing sector. As before, the
exemption is expected to benefit a wide range of sectors dependent on petrochemical feedstock and
intermediates, including plastics, packaging, textiles, pharmaceuticals, chemicals, automotive
components and other manufacturing segments. This will also provide relief to consumers of final
products.

13. PM Modi’s Vision Driving India’s Transformation Towards Viksit Bharat: Union Minister Shri Pralhad
Joshi

Prime Minister Shri Narendra Modi’s vision and leadership over the past twelve years have transformed
India into a global clean energy leader and accelerated the country’s journey towards Viksit Bharat, Union
Minister for New and Renewable Energy and Consumer Affairs, Food and Public Distribution, said by Shri
Pralhad Venkatesh Joshi. He said India has moved from discussing renewable energy potential to
delivering measurable outcomes on the ground, with rapid expansion in renewable energy capacity,
manufacturing and citizen participation defining the country’s clean energy transition.

Highlighting a major milestone in this journey, Shri Joshi released the Report on Floating Solar PV Potential
Assessment of India, which estimates the country’s floating solar potential at over 102 GWp and takes
India’s total assessed solar potential to 3,445 GWp. He said the Ministry is working on a dedicated scheme
to promote floating solar deployment across the country.

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