New Delhi: Prime Minister Narendra Modi on Thursday addressed the first post-Budget webinar, particularly focused on Green Growth.
It is the first of a series of 12 post-budget webinars being organized by the government to seek ideas and suggestions for effective implementation of the initiatives announced in the recent Union Budget. Speaking about Green growth, which was one of the seven top priorities of the Union Budget 2023-24, Prime Minister Modi said India’s solar, wind and biogas potential is no less than a “gold mine or an oilfield” for India’s private sector.
These renewable sources have huge potential to generate a huge number of green jobs.
The Union Budget has envisaged a number of projects and initiatives spread across various sectors and ministries — Green Hydrogen Mission, Energy Transition, Energy Storage Projects, Renewable Energy Evacuation, Green Credit Program, PM-PRANAM, GOBARdhan Scheme, Bhartiya Prakritik Kheti Bio-Input Resource Centres, MISHTI, Amrit Dharohar, Coastal Shipping and Vehicle Replacement.
“India’s vehicle scrapping policy is a key part of India’s green growth strategy. We are going to scrap over three lakh vehicles. This budget is an opportunity for the security of India’s future. We need to work collectively and swiftly to implement budget policies,” Modi said.
The Union Budget for 2023-24 will be key in helping India to become a lead player in the global green energy market, Modi added.
“The provisions made in this year’s budget regarding Green Growth are in a way the foundation stone for the bright future of our next generations,” he added.
Meanwhile, India started phased rollout of E20 fuel. A blend of 20 per cent ethanol and 80 per cent fossil-based fuel is E20 fuel.
India has increased the ethanol blending in petrol from 1.53 per cent in 2013-14 to 10.17 per cent in 2022 and also advanced its target to achieve 20 per cent from earlier 2030 to now 2025-26.
India targeting production of 5 million tons per annum of green hydrogen and provided Rs 19,000 crore incentive for private sector under National Hydrogen Mission, which is part of the India’s larger target of having 500 GW of renewable energy by 2030.
Talking about the vehicle scrapping policy, PM Modi said Rs 3,000 crore has been earmarked for the initiative, under which about three lakh vehicles will be scrapped including police cars, ambulances and public buses, which are 15 years old.
“Rs 3,000 crore has been allocated for vehicle scrapping policy. Vehicle swapping will be a big market for investors and will help promote a circular economy,” Modi said.
He further said that the new Gobardhan scheme, proposed in the Union Budget 2023 for setting up 500 new waste-to-wealth plants, will be set up to manage cattle and organic waste. He said that under the Gowardhan Yojana, 500 new plants will be set up with Rs 10,000 crore investment.
