With the rising climate change concerns, the BJP government, in the 2023 budget, has acknowledged the need for environmental initiatives. Green growth has found its prominence in this year Union budget by being one of the seven key priorities mentioned by Finance Minister Nirmala Sitharaman.
“We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors,” Sitharaman said. “These green growth efforts help in reducing the carbon intensity of the economy and provide for large-scale green job opportunities.”
India is working towards the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in a green industrial and economic transition. Citing the Prime Minister’s vision for “LiFE,” or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.
This year, the Ministry of Environment, Forest and Climate Change is getting allocated an increased budget of Rs 3,079.4 crore. The National Mission on Natural Farming is receiving a separate budget of Rs 459 crore. Also, the budget allocation for pollution control has increased to a total of Rs 756 crore.
Here is a look at a few Green growth push initiatives:
Green Hydrogen Mission: With an estimated cost of Rs 19,700 crores, the recently launched National Green Hydrogen Mission will help India transition to a low-carbon intensity economy, lessen its reliance on imported fossil fuels, and position itself to take the lead in the global market and technological development of hydrogen power. According to the FM, India has set a goal of producing 5 MMT of green hydrogen annually by 2030.
Green Credit Programme: A Green Credit Programme will be announced under the Environmental Protection Act to promote positive behavioural shifts. The Green Credit Programme will incentivise businesses, individuals, and local governments to take environmentally responsible and responsive actions and help mobilise additional resources for these initiatives.
PM-PRANAM: To encourage States and Union Territories to promote alternative fertilisers and the balanced use of chemical fertilisers, a new “PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” (PM-PRANAM) will be launched.
Energy Storage Projects: Battery Energy Storage Systems with a capacity of 4,000 MWH will be supported with Viability Gap Funding as part of Energy Storage Projects to steer the economy toward sustainable development.
Sitaraman claims that “green growth” is one of the seven priorities or saptarishi that will guide India into Amrit Kaal.