In her Union Budget address, Finance Minister Nirmala Sitharaman on Wednesday said that Prime Minister Narendra Modi has given a vision for “LIFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.
According to Sitharaman, India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition.
Green Growth Components
Green Hydrogen Mission
The recently launched National Green Hydrogen Mission, with an outlay of `19,700 crores, will facilitate transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector.
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Budget 2023 provides 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas.
Energy Storage Projects
Battery Energy Storage Systems with capacity of 4,000 MWH will be supported with Viability Gap Funding.
Renewable Energy Evacuation
The Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh will be constructed with investment of 20,700 crore including central support of 8,300 crore.
Green Credit Programme
A Green Credit Programme will be notified under the Environment (Protection) Act for encouraging behavioural change.
“PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” will be launched to incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers.
500 new ‘waste to wealth’ plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy. These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of 10,000 crore.
Bhartiya Prakritik Kheti Bio-Input Resource Centres
1 crore farmers will be facilitated to adopt natural farming.
‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’, MISHTI, will be taken up for mangrove plantation along the coastline and on salt pan lands, wherever feasible. This will be done through convergence between MGNREGS, CAMPA Fund and other sources.
Coastal shipping will be promoted as the energy efficient and lower cost mode of transport, both for passengers and freight, through PPP mode with viability gap funding.