Green energy sources no less than gold mine for pvt players: PM at post-Budget webinar

Prime Minister Narendra Modi spoke at the first post-Budget webinar on Thursday, focusing on Green Growth.

It is the first of 12 post-budget webinars organised by the government to solicit ideas and suggestions for the effective implementation of the initiatives announced in the recent Union Budget. Speaking about green growth, which was one of the Union Budget 2023-24’s seven top priorities, Prime Minister Modi said India’s solar, wind, and biogas potential is no less than a “gold mine or an oilfield” for the private sector.

These renewable sources have huge potential to generate a huge number of green jobs.

The Union Budget has envisaged a number of projects and initiatives spread across various sectors and ministries — Green Hydrogen Mission, Energy Transition, Energy Storage Projects, Renewable Energy Evacuation, Green Credit Program, PM-PRANAM, GOBARdhan Scheme, Bhartiya Prakritik Kheti Bio-Input Resource Centres, MISHTI, Amrit Dharohar, Coastal Shipping and Vehicle Replacement.

“India’s vehicle scrapping policy is a key part of India’s green growth strategy. We are going to scrap over three lakh vehicles. This budget is an opportunity for the security of India’s future. We need to work collectively and swiftly to implement budget policies,” Modi said.

The Union Budget for 2023-24 will be key in helping India to become a lead player in the global green energy market, Modi added.

“The provisions made in this year’s budget regarding Green Growth are in a way the foundation stone for the bright future of our next generations,” he added.

In the meantime, India has begun a phased rollout of E20 fuel. E20 fuel is a mixture of 20% ethanol and 80% fossil-based fuel.

India has increased ethanol blending in gasoline from 1.53% in 2013-14 to 10.17% in 2022, and it has also pushed back its target of 20% from 2030 to 2025-26.

The green push will gradually lead to the decarbonization of the industrial, transportation, and energy sectors, as well as a reduction in reliance on imported fossil fuels. India imports a significant portion of its energy needs, and diversifying indigenous sources is seen as a way to reduce reliance on imported fuel.