Prime Minister Narendra Modi, addressed a post-budget webinar on 'Green Growth' and highlighted the significance of the Amrit Kaal Budget for accelerating the momentum towards green growth. The Prime Minister emphasised that the budget lays the foundation for future generations and plays a crucial role in establishing India as a lead player in the global green energy market.
Green Growth & India's Potential in Renewable Energy Market
PM Modi outlined three pillars for green growth and energy transmission, which included increasing the production of renewable energy, reducing the use of fossil fuel in the economy, and rapidly moving towards a gas-based economy in the country. The strategy underlined the significant announcements made in previous years' budgets, such as ethanol blending, PM KUSUM Yojana, incentives for solar manufacturing, rooftop solar scheme, coal gasification, and battery storage.
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India's commanding position in the renewable energy space will ensure a commensurate change in the world, said the Prime Minister, inviting every stakeholder of the energy world to invest in India. Referring to the global efforts for diversification of the energy supply chain, the Prime Minister said that this Budget has given a great opportunity to every green energy investor to invest in India. This will also be very useful for the Startups in the sector, he added.
Investment Opportunities in Ethanol Business in India
India has been the fastest in renewable energy capacity addition among major economies since 2014. India's track record shows its capability to achieve the objectives before time when it comes to renewable energy resources. India achieved the target of 40% contributions from non-fossil fuels in the installed electricity capacity 9 years before the target date. Prime Minister underlined that the capacity of 500 GW will be achieved by 2030. The Prime Minister noted the government's emphasis on biofuels and observed the abundance of agri-waste in the country, urging investors not to miss the opportunity of setting up ethanol plants in every corner of the country.
Bio Gas, Green Hydrogen & Scrap: Big Business Opportunity
India has the potential of producing 10 thousand million cubic metres of biogas from Gobar (cow dung) and 1.5 lakh cubic meter of gas which can contribute up to 8% to the city gas distribution in the country. The Gobardhan Yojana is an important component of India's biofuel strategy, and the government has announced plans to set up 500 new plants under the scheme. The private sector is getting attractive incentives for producing CBG from agri-waste and municipal solid waste.
Under the National Green Hydrogen Mission, India is moving with a target of production of 5 MMT of green hydrogen. An allocation of Rs 19 thousand crores has been made to incentivise the private sector in this field. The Prime Minister also touched upon other opportunities such as electrolyser manufacturing, green steel manufacturing, and long-haul fuel cells.
India's vehicle scrapping 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 3 lakh vehicles owned by Central and State governments that are older than 15 years, including police vehicles, ambulances, and buses.
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The Golden Green Energy Market & Green Jobs
The Prime Minister said that India has huge potential to lead the world in Green Energy, forward the cause of global good apart from generating Green Jobs, and establish itself as a lead player in the global green energy market. He invited all stakeholders of the energy world to invest in India, which will be useful for Startups in the sector. India's potential for solar, wind, and biogas is no less than any gold mine or oil field for the private sector