Economy

India Goes Green: 2023 Budget Paves the Way for a Sustainable Future

India is undergoing a transformation towards a more environment oriented future, aligning with the Prime Minister’s vision of “LiFE” or Lifestyle for Environment. The government’s aim of reaching net-zero carbon emissions by 2070 is reflected in the 2023 budget, showcasing the commitment towards a greener and sustainable future.

The National Green Hydrogen Mission

The National Green Hydrogen Mission, with an outlay of Rs 19,700 crores, is a prime example of the country’s efforts to transition to a low-carbon economy. The aim is to reduce dependence on fossil fuels, and the target is to reach an annual production of 5 MMT by 2030. This will not only help the country become a leader in technology and market but also reduce its carbon footprint.

Energy Transition and Energy Storage Projects

Energy transition is another key area that the government is focusing on. The budget has allocated Rs 35,000 crore for priority capital investments towards energy transition and net-zero objectives, which will be handled by the Ministry of Petroleum & Natural Gas. The country is also making strides in energy storage, with the support of viability gap funding for Battery Energy Storage Systems with a capacity of 4,000 MWH. A detailed framework for Pumped Storage Projects will also be formulated.

Renewable Energy Evacuation

Renewable energy is another sector that is seeing growth in India. The government is investing Rs 20,700 crore, including central support of Rs 8,300 crore, to construct an inter-state transmission system for the evacuation and grid integration of 13 GW of renewable energy from Ladakh.

Green Credit Programme

To incentivize environmentally sustainable practices, a Green Credit Programme will be notified under the Environment (Protection) Act. This will encourage individuals, companies, and local bodies to take environmentally responsible actions and help mobilize additional resources.

PM-PRANAM and GOBARdhan: Promoting Sustainable Development and Circular Economy

The PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth will be launched to incentivize states and Union Territories to promote alternative fertilizers and the balanced use of chemical fertilizers. The GOBARdhan scheme will set up 500 new ‘waste to wealth’ plants, including 200 compressed biogas plants, to promote circular economy.

Bhartiya Prakritik Kheti Bio-Input Resource Centers and MISHTI

The government is also facilitating the adoption of natural farming among 1 crore farmers over the next 3 years by setting up 10,000 Bio-Input Resource Centres. This will create a national-level distributed micro-fertilizer and pesticide manufacturing network. The Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI) will be taken up to promote mangrove plantation along the coastline and on salt pan lands.

Coastal Shipping and Vehicle Replacement for a Greener Economy

Wetlands are an important part of the ecosystem, and the government is promoting their conservation through the Amrit Dharohar scheme. Coastal shipping will also be promoted as a more energy-efficient and cost-effective mode of transport through PPP mode with viability gap funding. The government is also committed to replacing old polluting vehicles as part of its greening efforts. Adequate funds have been allocated to scrap old vehicles of the Central Government, and states will also be supported in replacing old vehicles and ambulances.

The government’s commitment to green growth is evident in its recent budget. The country is taking a holistic approach to transition to a low-carbon economy and promote environmentally conscious lifestyles. The initiatives being undertaken show that India is poised for a greener future and is determined to play its part in preserving the planet for future generations.

 

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