The last detailed budget of the present government was laid on the table today. The Finance Minister Nirmala Sitharaman presented a budget that spoke of simplicity while focusing on a bigger target. According to the minister, this budget would lay the foundation for a self-reliant India. The major focus was on Green Growth and Digitization. The world has been grappling with many environmental and ecological challenges. With this budget, Nirmala Sitharaman tried to steer the focus on reducing the carbon intensity of the sub-continent.
In her speech, she stated that the government would be focusing on meeting clean energy targets and providing large-scale green job opportunities. ‘Green Growth’ was one of the seven key points of union budget 2023, wherein the minister spoke about the initiatives this government is planning to initiate towards, green fuel, green farming, green mobility, green buildings, and green equipment.
In her address, the finance minister said that India is moving toward net zero carbon emissions by 2070 to usher in green industrial and economic transition.
Accelerating Green Hydrogen Mission
A large budget of 19700 crore was announced for the recently launched National Green Hydrogen Mission. The mission would focus on transitioning India towards low carbon intensity economy while reducing the dependence on fossil fuel imports. The targeted annual production is of 500 MMT (million metric tonnes) of green hydrogen by 2030.
Transition towards Zero Carbon Emission
Narendra Modi led BJP government is targeting net zero carbon emission and has allocated a sum rupees 35,000 crores for priority capital investment toward energy transition, net zero objectives, and energy security by the Union Ministry of Petroleum and Natural Gas.
Green revolution through old vehicle scrapping
The Finance Minister Nirmala Sitharaman allocated more funds towards the Vehicle Scrapping Policy mentioned in Budget 2021-22. States will also be supported in replacing old vehicles and old State ambulances. Also, the minister announced the viability gap funding for battery energy storage systems with a capacity of 4,000 MWh (megawatt hour).
Building an interstate transmission system for evacuation and grid integration of 13 Gigawatt renewable energy from Ladakh, with an investment of 20,700 crore (central support of 8300 crore) was also announced.