The Prime Minister, Shri Narendra Modi addressed the post-budget webinar on ‘Green Growth’ today. It is the first in a series of 12 post-budget webinars organised by the government to solicit ideas and suggestions for the effective implementation of the Union Budget 2023 initiatives.
In his address to the gathering, the Prime Minister stated that all budgets tabled in the country since 2014 have advanced new-age reforms in addition to finding solutions to current challenges.
The Prime Minister outlined three pillars for green growth and energy transmission. First, increasing the production of renewable energy; second, reducing the use of fossil fuel in the economy; and finally, rapidly moving towards a gas-based economy in the country. This strategy has underlined the announcements of measures like ethanol blending, PM KUSUM Yojana, incentives for solar manufacturing, rooftop solar scheme, coal gasification, and battery storage in the Budgets of the past few years. Underlining the significant announcements in previous years’ budgets, the Prime Minister highlighted schemes such as green credit for industries, PM Pranam Yojna for farmers, Gobardhan Yojna for villages, vehicle scrapping policy for cities, Green Hydrogen and wetland conservation in this year’s budget. The Prime Minister underlined that these announcements lay the foundation stone and pave the way for future generations.
The Prime Minister stated that India’s dominant position in renewable energy will result in a corresponding change in the world. “This Budget will play a key role in establishing India as a lead player in the global green energy market. That is why, today, I am inviting every stakeholder in the energy sector to invest in India,” said the Prime Minister. In reference to global efforts to diversify the energy supply chain, the Prime Minister stated that this Budget has provided an excellent opportunity for any green energy investor to invest in India. This will also be very beneficial to the sector’s startups, he added.
“India has been the fastest when it comes to renewable energy capacity addition among major economies since 2014”, the Prime Minister said. He further added that India’s track record shows its capability to achieve the objectives before time when it comes to renewable energy resources. The Prime Minister informed that India achieved the target of 40% contributions from non-fossil fuels in the installed electricity capacity 9 years before the target date. He also mentioned that India achieved the target of 10% ethanol blending in petrol 5 months before time and emphasised that the nation strives to achieve 20% ethanol blending in petrol by 2025-26 instead of 2030. He underlined that the capacity of 500 GW will be achieved by 2023. Recalling the launch of E20 fuel, the Prime Minister noted the government’s emphasis on biofuels and said that it has brought new opportunities for investors. He observed the abundance of agri-waste in the country and urged the investors to not miss the opportunity of setting up ethanol plants in every corner of the country. “The potential of solar, wind and biogas in India is no less than any gold mine or oil field for our private sector”, the Prime Minister said.
According to the Prime Minister, India is on track to produce 5 MMT of green hydrogen under the National Green Hydrogen Mission. A sum of Rs 19 thousand crores has been set aside to incentivize the private sector in this area. He also mentioned other possibilities, such as electrolyzer manufacturing, green steel manufacturing, and long-distance fuel cells.
Throwing light on India’s vehicle scrapping policy the Prime Minister stressed that it is a crucial part of the green growth strategy. He informed that the government has made provisions of Rs 3000 crores in this year’s budget to scrap around 3 lakh vehicles owned by Central and State governments that are older than 15 years including police vehicles, ambulances and buses. “Vehicle Scrapping is going to become a huge market”, said the Prime Minister, following the principle of Reuse, Recycle and Recovery. He also emphasised that it gives new strength to our circular economy and urged the youth of India to join various means of the circular economy.
The Prime Minister said that India has to increase its battery storage capacity to 125-gigawatt hours in the next 6-7 years. The Prime Minister informed that the government has come out with a viability gap funding scheme in this budget to support the battery developers to achieve big goals in this capital-intensive sector.
The Prime Minister also touched upon water-based transport becoming a huge sector in India. He informed that India transports only 5% of its cargo through its coastal route today whereas only 2% of cargo is transported in India through inland waterways. He underlined that the development of waterways in India will give rise to many opportunities for all stakeholders in this field.
Concluding the address, the Prime Minister said that India has huge potential to lead the world when it comes to technology for Green Energy. He emphasised that it will forward the cause of global good apart from generating Green Jobs. “This budget is not only an opportunity, but it also contains the guarantee of our future security”, the Prime Minister said as he urged all stakeholders to act quickly to implement every provision of the budget. “The government stands with you and your suggestions”, the Prime Minister concluded.