Budget Will Establish India As Leading Player In Green Energy Market: Modi At Post-Budget Webinar

In his first post-budget webinar on Green Growth, PM Narendra Modi on Thursday said India has set three pillars for green growth and energy transition

PM Narendra Modi on Thursday addressed the first post-budget webinar on Green Growth

Source : Getty

PM Narendra Modi, who addressed the first post-budget webinar on Green Growth on Thursday, said India has set three pillars for green growth and energy transition. “India has set three pillars that include increasing renewable energy production, reducing the use of fossil fuels & moving forward with a gas-based economy,” said the PM.

"This budget will establish India as a leading player in the global green energy market. I invite all the stakeholders associated with the energy world to invest in India," Modi said.

 

India's vehicle scrapping policy is a key part of India's green growth strategy. "We are going to scrap over 3 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," he added. The country aims to increase battery storage capacity to 125 giga-watts hour, the PM noted.

 

 

Talking about GOBARdhan scheme as an important component of India's biofuel strategy, Modi said, "In this budget, it has been announced we will set up 500 new plants under this scheme. India's solar, wind and biogas potential is no less than a gold mine or oilfield for our private sector."

 

Modi said the provisions made in this year's budget regarding Green Growth are in a way the foundation stone for the bright future of our future generations. Since 2014, India has been the fastest in renewable capacity addition, he added.

The webinar will have six breakout sessions covering both energy and non-energy components of Green Growth. The Ministry of Power is the lead ministry for this webinar.

Green growth is one of the seven top priorities of the Union Budget 2023-24 for ushering in the country's green industrial and economic transition, environmental friendly agriculture and sustainable energy. I

t will also generate a large 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 Programme, PM-PRANAM, GOBARdhan Scheme, Bhartiya Prakritik Kheti Bio-Input Resource Centres, MISHTI, Amrit Dharohar, Coastal Shipping and Vehicle Replacement.

Modi also listed several decisions taken in the direction of green growth including ethanol blending, the PM KUSUM scheme, incentivising solar manufacturing, rooftop solar scheme, coal gasification, EV battery storage.

The PM will address the post-budget webinars till March 11 as part of the efforts by the union ministries to build on the "Saptarishi" objectives listed in the Union Budget 2023. These webinars will focus on synergizing efforts of various ministers and departments and all concerned stakeholders towards preparing action plans with quarterly targets. This will ensure that the implementation is front-ended and smooth with the timely achievement of outcomes.

The idea of post-budget webinars was conceptualized by PM Modi to bring together all stakeholders for bringing synergy in the implementation of Budget announcements.

The government has undertaken several budgetary reforms in the past few years including preponing the budget to February 1 so that ministries and departments get sufficient time for utilization of the funds on the ground before the onset of monsoons.