Amrit Kaal Budget accelerates pace of green growth: PM Modi
Amrit Kaal Budget accelerates pace of green growth: PM Modi

NEW DELHI: India Prime Minister, Narendra Modi addressed the series of post-budget webinars on ‘Green Growth’ today, February 23. It is the prime of a series of a dozen post-budget webinars organized by the government to seek ideas and suggestions for the effective implementation of his government's initiatives announced in the Union Budget 2023.

In his remarks to the audience, the prime minister said that all of the budgets presented in the nation since 2014 had advanced modern changes in addition to offering answers to the problems of the present.

Three pillars for green growth and energy transfer were outlined by the prime minister. Increasing the production of renewable energy is the first step. Reducing the economy's reliance on fossil fuels is the second. And finally, the nation should quickly transition to a gas-based economy. This tactic has highlighted recent budgetary announcements of policies including ethanol blending, the PM KUSUM Yojana, incentives for solar manufacturing, the rooftop solar programme, coal gasification, and battery storage.

 In this year's budget, the Prime Minister emphasised programmes including green credit for companies, PM Pranam Yojna for farmers, Gobardhan Yojna for villages, automobile scrapping policy for cities, Green Hydrogen, and wetland conservation, as well as key announcements from prior budgets. The Prime Minister emphasised that these declarations lay the cornerstone and open the door for upcoming generations.

The prime minister said, the globe will transform in a way that is commensurate with India's leadership in the field of renewable energy. "This Budget will be crucial in making India a dominant force in the world's green energy sector. For this reason, I'm inviting everyone involved in the energy sector to invest in India today, the prime minister stated. In reference to efforts being made on a global level to diversify the energy supply chain, the prime minister stated that this Budget has provided every green energy investor a fantastic opportunity to invest in India. He noted that the entrepreneurs in the industry will find this to be of great benefit.

Since 2014, India has added renewable energy capacity more quickly than any other large economy, according to the Prime Minister. He continued by saying that India's past accomplishments demonstrate the country's capacity to meet its goals for renewable energy sources well ahead of schedule. 

The prime minister said that India had reached its goal of 40% non-fossil fuel contributions in installed electrical capacity nine years ahead of schedule. Also, he noted that India met its goal of 10% ethanol blend in gasoline five months ahead of schedule and emphasised that the country aims to reach 20% ethanol blend in gasoline by 2025–2026 rather than 2030. 

He emphasised that 500 GW of capacity will be attained by 2030. The Prime Minister mentioned the introduction of E20 fuel and emphasised the government's focus on biofuels, saying that this has created new prospects for investors. He noted the large amount of agricultural waste in the nation and advised the investors to seize the chance to build ethanol facilities throughout the entire nation. The Prime Minister said, India's potential for solar, wind, and biogas is equal to that of any gold or oil field. He said, India is making progress towards its goal of producing 5 MMT of green hydrogen under the National Green Hydrogen Mission. A budget of Rs. 19,000 crores has been set aside to encourage the private sector in this area. He also discussed other possibilities, including long-distance fuel cells, the production of green steel, and electrolyzers.

The prime minister also disclosed that India has the capacity to produce 1.5 lakh cubic metres of gas and 10,000,000,000 cubic metres of biogas from Gobar (cow dung), both of which can contribute up to 8% to the country's city gas distribution. "Because to these opportunities, the Gobardhan Yojana is now a significant part of India's biofuel strategy. The government has stated intentions to establish 500 new plants as part of the Gobardhan Yojana in this budget. These plants are not like the ones in the past. For these cutting-edge factories, the government will spend Rs 10,000 crore, he continued. According to the Prime Minister, the private sector is receiving alluring incentives to produce CBG from agriwaste and municipal solid waste.

The Prime Minister clarified India's policy on vehicle scrapping and emphasised how important it is to the country's vision for green growth. In this year's budget, the government has allocated Rs 3000 crores to trash around 3 lakh vehicles owned by the Central and State governments that are more than 15 years old, including buses, ambulances, and police cars. Under the guiding philosophy of Reuse, Recycling, and Recovery, the Prime Minister declared that "Vehicle Scrapping is destined to become a large market." He also emphasised how it offers our cyclical economy new life and urged Indian young to get involved in its various branches.

In the upcoming 6-7 years, according to the prime minister, India must raise its battery storage capacity to 125 gigawatt hours. The government has created a viability gap finance programme, according to the prime minister, to help battery developers reach ambitious targets in this capital-intensive industry.

The Prime Minister also discussed how India's waterborne transportation industry is growing rapidly. He stated that only 5% of India's cargo is currently moved through its coastline route, while only 2% is handled in India via inland waterways. He emphasised that the expansion of India's waterways will present several opportunities for all parties involved in this sector.

The prime minister concluded by saying that India has a great opportunity to lead the world in green energy technology. He emphasised that in addition to creating Green Jobs, it will advance the cause of world good. The prime minister urged all parties to move swiftly to implement the budget's provisions, saying, "This budget is not only an opportunity, it also contains the guarantee of our future security." The Prime Minister said, "The government supports you and your recommendations."

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