In a first of a series of 12 post-budget webinars, to be conducted by the Indian government, the first one on ‘Green Growth’ was initiated by Prime Minister Narendra Modi highlighting the country’s green agenda.
Three pillars of green growth and energy transmission were outlined in the webinar: firstly, the need to increase the production of renewable energy; secondly, reduction in the use of fossil fuels in the economy, and thirdly, to rapidly move towards being a gas-based economy. Significant announcements from the budget like the green credit programme for industries, PM Pranam Yojna for farmers, Gobardhan Yojna for villages, vehicle scrapping policy for cities, and Green Hydrogen and wetland conservation also found a mention
All stakeholders in the energy world were invited to invest in India since the country’s commanding position in the renewable energy space will ensure a consistent change in the world. India’s track record of achieving renewable energy targets before time demonstrates the country’s capability to achieve objectives before time. India met the target of 40% non-fossil fuel contributions to installed electricity capacity nine years ahead of schedule. The country met its target of 10% ethanol blending in gasoline five months early and aims to reach 20% ethanol blending in gasoline by 2025-26, rather than 2030.
The importance of India’s vehicle scrapping policy was also stressed in the webinar, where it was noted that the policy is a crucial part of the green growth strategy. The government has made provisions of Rs 3000 crores in this year’s budget to scrap around three lakh vehicles owned by Central and State governments that are older than 15 years, including police vehicles, ambulances, and buses.
In conclusion, the Prime Minister stated that India has the potential to lead the world in technology for green growth, and encouraged the youth of India to join various means of the circular economy. The government has come out with a viability gap funding scheme to support battery developers in achieving big goals in this capital-intensive sector. Overall, the webinar emphasises the government’s commitment to green growth and renewable energy, highlighting significant measures announced in previous budgets and encouraging investment in India’s renewable energy sector.