In a post-budget webinar on green energy, on February 23, Prime Minister Narendra Modi stated that the Union Budget 2023 will present a vast range of investment prospects, including the National Green Hydrogen Mission, ethanol blending, battery storage, and vehicle scrapping, to bolster India’s green energy initiatives.
PM Modi encouraged investors to capitalise on India’s significant potential in renewable energy, which he compared to a “goldmine”, emphasising that the new Budget would establish India as a major contender in the global renewable energy market.
“This Budget will make India a lead player in the renewable energy market globally. Investors should not skip opportunities like setting up ethanol plants across the country. There are a lot of opportunities in electrolyser manufacturing,” said the PM on Thursday.
During his speech, the prime minister highlighted India’s achievement of the 10 percent ethanol blending target five months ahead of schedule, and the accomplishment of meeting the 40 percent non-fossil fuel capacity target nine years before the deadline. He emphasised that the budgets since 2014 have not only tackled existing challenges but also advanced modern reforms. He also highlighted how India possesses the immense potential to take charge in the area of eco-friendly energy technologies and urged all parties involved to act with haste in implementing Budget provisions. “This budget is not only an opportunity, but it also contains the guarantee of our future security,” said PM Modi.
India aims to produce 5 million tons per annum of green hydrogen, and has provided a Rs 19,000 crore incentive for the private sector under the National Hydrogen Mission. In addition, the Budget has allocated Rs 3,000 crores for vehicle scrapping, targeting the elimination of about 3 lakh government vehicles that are older than 15 years. PM Modi emphasised the need to increase battery storage capacity to 125 GWh, as India strives to achieve its ambitious goal of having 500 GW of renewable energy by 2030. The comments made by Modi come amidst Bill Gates’ message expressing his optimism for the future of India ahead of his upcoming visit next week. On the problems of climate change and global health, Gates said that the two were “inextricably linked”. “Hotter temperatures will make poverty reduction harder by increasing food insecurity and the prevalence of infectious diseases and diverting resources away from those who need them the most,” he said.
The webinar includes six sessions dedicated to promoting green growth, with participation from ministers, secretaries, stakeholders from state governments, industry leaders, academia, research institutions, and public sector enterprises. The aim is to combine the efforts of various ministries and stakeholders to create action plans with quarterly targets. The goal of these plans is to front-load the implementation of budget proposals and achieve the desired outcomes within the specified timeframe.
