Get All Access for $5/mo

Budget 2023: The Budget Goes Green as the Centre Focuses on Promoting Sustainability In order to meet India's net zero carbon emissions by 2070, India has been making strides towards reducing carbon emissions by promoting the use of electric and CNG mobility options, renewable sources of energy, etc

By Saptak Bardhan

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Wikimedia Commons

Sustainability took centre stage as finance minister Nirmala Sitharaman announced a slew of measures for the government's 'green growth' initiative while presenting the Union Budget on Wednesday. In order to meet India's net zero carbon emissions by 2070, India has been making strides towards reducing carbon emissions by promoting the use of electric and CNG mobility options, renewable sources of energy, etc.

The Green Growth initiative was one of the seven priorities on the list of Sitharaman while presenting the Budget indicating India's push for carbon neutrality by 2070 as well as India's green industrial and economic transition.

The initiatives listed under the Green Growth were as follows:

  • Green Hydrogen Mission: According to Sitharaman, the National Green Hydrogen Mission would facilitate the transition of the economy to low carbon intensity, and reduce dependence on fossil fuel imports while making the country realize technology and market leadership in the sunrise sector. The mission has received an outlay of Rs. 19,700 crore with a target of 500 million metric tonnes of annual production of green hydrogen by 2030.
  • Energy Transition: The budget also provided Rs. 35,000 crore for priority capital investments towards energy transition, net zero objectives as well as energy security by the ministry of petroleum and natural gas.
  • Energy Storage Projects: In order to encourage sustainable development, Sitharaman announced battery energy storage systems with a capacity of 4,000 megawatt hour (MWH) supported with viability gap funding.
  • Renewable Energy Evacuation: Sitharaman announced an interstate transmission system for evacuation and grid integration of 13 Gigawatt renewable energy from Ladakh will be constructed with an investment of Rs. 20,700 crore including central support of Rs. 8,300 crore.
  • Green Credit Programme: A Green Credit Programme would be notified under the Environment Protection Act, 1986, incentivizing environmentally sustainable and responsive actions by companies, individuals and local bodies and helping to mobilize additional resources for such activities, according to Sitharaman.
  • Vehicle Replacement: Adding to the Vehicle Scrapping Policy mentioned in the Budget FY21-22, the finance minister allocated funds to scrap old vehicles of the central government while extending its support to state governments to replace old vehicles and old ambulances.
  • Custom Duty Slashed: The finance minister also announced a reduction on the custom duty on lithium-ion cells from 21 per cent to 13 per cent. Furthermore, the Union government also extended the subsidies on EV batteries for one more year which would directly result in EV prices all over the country.
  • GOBARdhan Scheme: The announcement of the GOBARdhan scheme would witness Biogas being pushed as the government intends to set up 200 compressed biogas plants and 300 cluster-based plants at an investment of Rs. 10,000 crore.
Saptak Bardhan

Former Trainee Writer

Former Trainee Writer
Business News

Want to Start a Business? Skip the MBA, Says Bestselling Author

Entrepreneur Josh Kaufman says that the average person with an idea can go from working a job to earning $10,000 a month running their own business — no MBA required.

Leadership

Your Definition of Leadership Is Outdated — Here's How to Be a Better Leader in the Modern Workplace

In my nearly thirty years as a leader, I've focused on setting a clear vision and empowering my team to achieve our goals. We prioritize establishing shared objectives while allowing for flexibility when needed.

Starting a Business

They Showed Up to Apple With a Product They Built in Their Dorm Room. Now These Entrepreneurs Are on the Way to Changing the Way Fans Watch Sports.

How Rahat Kulshreshtha and Gaurav Mehta launched Quidich Innovation Labs, technology that is literally changing the game of sports viewership.

Business News

How Nvidia CEO Jensen Huang Transformed a Graphics Card Company Into an AI Giant: 'One of the Most Remarkable Business Pivots in History'

Here's how Nvidia pivoted its business to explore an emerging technology a decade in advance.

Thought Leaders

25 Common Characteristics of Successful Entrepreneurs

Do you have what it takes to get through hard times? Here are the traits that help home-based business owners thrive.

Leadership

Why Hearing a 'No' is the Best 'Yes' for an Entrepreneur

Throughout the years, I have discovered that rejection is an inevitable part of entrepreneurship, and learning to embrace it is crucial for achieving success.