Budget 2023 Puts India On Path To Food And Energy Security, Green Growth Need Of The Hour: Experts
Union Budget 2023: Experts believe that green hydrogen can become a trillion dollar industry by 2030, and that this year's budget is sector-specific and pro-growth.
Budget 2023: Finance Minister Nirmala Sitharaman listed seven priorities during the Union Budget 2023, one of which was ‘Green Growth’. In an era of climate change, pollution, global warming, and climate change-induced natural disasters, it is extremely important to switch to green, clean and renewable energy. The announcements made on science during this year’s budget mainly focus on protecting the environment and making efforts to reverse the damage done.
Experts believe that the different schemes launched to protect and restore the environment will help India achieve its goals of energy transition and reducing emissions at a fast pace.
‘Green Hydrogen Can Become A Trillion Dollar Industry In India By 2030’: Expert
“As the G20 President, India is committing leadership on transitioning to the ‘Green Economy’. This year’s Budget earmarks $4.0 billion to establish green hydrogen as the primary fuel source. With a target of 5 MMT from green hydrogen by 2030, and a visionary move to provide green credits to industry (to accelerate adoption and transition to green hydrogen), India is setting the rubric for other nations to follow. Green hydrogen can become a trillion dollar industry in India by 2030, thus delivering energy security,” Sanjay Viswanathan, Chairman, AdiEnergy, told ABP Live.
Green credit embodies the sustainable development of economy and society, and is the innovation of a financial concept.
‘Focus On Green Growth The Need Of The Hour’: Expert
“The focus on the ‘green growth’ strategy makes me really hopeful and is also the need of the hour. The priority of adopting green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities not only drives us towards a better tomorrow but offers unprecedented possibilities for students, professionals and entrepreneurs. Sustainability and climate action are clear focus areas for all our programmes - design, built environment, architecture and climate action. It is motivating to see the focus of the government and industry too. For a new-age design university like ours, this seems to be a very exciting time as this offers immense possibilities for our students and faculty,” Dr. Anunaya Chaubey, Provost, Anant National University, told ABP Live.
“Overall, Budget 23-24 is sector-specific, pro-growth, and with global leadership that addresses twin crises and puts India on the path to food and energy security,” Viswanathan said.
‘Promising Path’ For Nation’s Green Growth
“The budget has laid down a promising path for the nation’s green growth, clearly identified as one of the seven pillars, with a sizable outlay of Rs 35,000 crore. India is among the few developing countries focusing on green growth in addition to meeting the basic needs of power for the masses,” Pratik Agarwal, Managing Director, Sterlite Power, and Director of Serentica, said.
“The finance minister has taken proactive steps to promote battery storage and pumped storage projects to ensure stable and round the clock supplies from renewable resources like solar and wind power. Focus on discoms is key to achieve any real progress in the power sector, commend the measure of tying 0.5% of the state deficit to power sector reforms. This is an added incentive for the states to reform the DISCOMs. However, along with this a major incentive and disincentive package for the discoms would prove beneficial. Overall, the budget has pushed all the right buttons and is well in line with the macroeconomic goals of the country,” Agarwal added.
Budget Allocation Would Strengthen Nation’s Journey Towards Energy Transition
“The FY24 budget has reaffirmed India’s focus on Green Growth by delineating it as one of the seven major priorities. The budgetary commitment of Rs. 35,000 crore to support energy transition and net zero objectives would strengthen the nation's journey towards energy security as India seeks to decarbonise its economy. The budget specifically spells out measures to usher in stability in renewable energy supplies by introducing viability gap funding for battery energy storage systems. The budget also plans to introduce a detailed framework on pumped storage projects. Both these measures are expected to boost the setting up of hybrid renewable projects and will certainly raise the share of renewable power in the overall energy mix,” RPV Prasad, CEO, Envision Wind Power Technologies India, said.
Budget Lays Strong Foundation For Sustainable Development Of India
“The FY24 budget lays a strong foundation for sustainable development of India in the Amrit Kaal. With the goal of achieving net-zero emissions by 2070, it focuses on energy transition and decarbonization of the economy with a sizable allocation of Rs 35,000 crore. The vision for ‘LiFE - Lifestyle for Environment’, is deeply ingrained in the budget and reaffirms the government's commitment to tackle the climate crisis. Globally, India ranks fourth in installed renewable energy capacity and the budget will give a further fillip to the addition of capacities in areas like wind and solar. Key measures are being taken to support green growth, including viability gap funding for battery storage, renewable energy evacuation, National Green Hydrogen Mission, and green credit policy. With an investment of Rs. 10,000 crore, the budget also underlines the need for embracing a circular economy through the GOBARdhan scheme. Furthermore, setting up three centres of excellence for Artificial Intelligence is a welcome step from the government as it bridges the skill gap in the AI space and nurtures talent to develop tech of the future,” Anil Chaudhry, Zone President, India and CEO & MD, Schneider Electric India, said.
Budget 2032 Appears To Usher In A Phase Of ‘Green Transition’
“The FY24 Budget appears to usher in a phase of 'green transition', guiding the economy toward a sustainable development pathway. By focusing on implementing various initiatives to increase energy efficiency and lower carbon intensity, it demonstrates a commitment to foster green growth in the nation. The proposed budget places a strong emphasis on the creation of large-scale green job opportunities to prepare young people for mitigating the effects of climate change. The National Green Hydrogen Mission's outlay of INR 19,000 crore would also support and contribute to green growth and a net zero carbon future. The provision of INR 35,000 crore for energy transformation and net zero emissions would indeed help the nation in achieving its goal of net zero emissions by 2070. India will become a responsible and energy-secure country owing to the Honourable Prime Minister's vision for Lifestyle for Environment (LiFE), which will accelerate the country's transition to a low-carbon economy and lessen dependency on fossil fuels." Dr. Satish Kumar, President & Executive Director, Alliance for an Energy Efficient Economy (AEEE), said.
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