“India has huge potential to lead the world in Green Energy. It will forward the cause of global good apart from generating Green Jobs” PM Modi
New Delhi: Prime Minister Narendra Modi on Thursday said thatthe Budget 2023-24 will play a key role in establishing India as a lead player in the global green energy market, and asked stakeholder of the energy world to invest in India.
Addressing the post-budget webinar on ‘Green Growth’ the Prime Minister said India’s commanding position in the renewable energy space will ensure a commensurate change in the world.
“That is why, today, I invite every stakeholder of the energy world to invest in India” he added.
The Prime Minister outlined three pillars for green growth and energy transmission. First, increasing the production of renewable energy; second, reducing the use of fossil fuel in the economy; and finally, rapidly moving towards a gas-based economy in the country.
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… adding that this will also be very useful for the startups in the sector”.
“India has been the fastest when it comes to renewable energy capacity addition among major economies since 2014”, the Prime Minister said.
He further added that India’s track record shows its capability to achieve the objectives before time when it comes to renewable energy resources.
The Prime Minister informed that India achieved the target of 40% contributions from non-fossil fuels in the installed electricity capacity 9 years before the target date.
He also mentioned that India achieved the target of 10% ethanol blending in petrol 5 months before time and emphasised that the nation strives to achieve 20% ethanol blending in petrol by 2025-26 instead of 2030.
The Prime Minister also underlined that the capacity of 500 GW will be achieved by 2030.
Recalling the launch of E20 fuel, the Prime Minister noted the government’s emphasis on biofuels and said that it has brought new opportunities for investors.
He urged the investors to not miss the opportunity of setting up ethanol plants in every corner of the country.
“The potential of solar, wind and biogas in India is no less than any gold mine or oil field for our private sector”, the Prime Minister said.
Talking about the National Green Hydrogen, he said , India is moving with a target of production of 5 MMT green hydrogen. “An allocation of Rs 19 thousand crores has been made to incentivize the private sector in this field” he said.
The Prime Minister also informed that India has the potential of producing 10 thousand million cubic metres of biogas from Gobar (cow dung) and 1.5 lakh cubic meter gas which can contribute up to 8% to the city gas distribution in the country.
“Because of these possibilities, today the Gobardhan Yojana is an important component of India’s biofuel strategy” he said.
Throwing light on India’s vehicle scrapping policy the Prime Minister stressed that it is a crucial part of the green growth strategy.
He informed that 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.
The Prime Minister said that India has to increase its battery storage capacity to 125-gigawatt hours in the next 6-7 years.
Modi informed that the government has come out with a viability gap funding scheme in this budget to support the battery developers to achieve big goals in this capital-intensive sector.
Prime Minister said that India has huge potential to lead the world when it comes to technology for Green Energy.
He emphasised that it will forward the cause of global good apart from generating Green Jobs. “This budget is not only an opportunity, but it also contains the guarantee of our future security”, he said.
The Prime Minister also touched upon water-based transport becoming a huge sector in India.
“India transports only 5% of its cargo through its coastal route today whereas only 2% of cargo is transported in India through inland waterways” he said.
He underlined that the development of waterways in India will give rise to many opportunities for all stakeholders in this field.
It is the first of a series of 12 post-budget webinars organized by the government to seek ideas and suggestions for the effective implementation of the initiatives announced in the Union Budget 2023.