India's potential in green energy is like a goldmine, invest here, urges PM Modi

Prime Minister Narendra Modi today said that Union Budget 2023 will offer a huge array of investment opportunities, like the National Green Hydrogen Mission, ethanol blending, battery storage and vehicle scrapping, to push its green energy initiatives. Addressing a post-budget webinar on green energy, PM Modi said that investors should not miss the opportunity to invest in India's potential in renewable energy, which is no less than a "goldmine".  

He added that this year’s Budget will make India a leading player in the renewable energy market globally and investors should not miss the chance of investing in India.  

“This Budget will make India a lead player in the renewable energy market globally. Investors should not skip opportunities like setting up ethanol plants across the country. There are a lot of opportunities in electrolyser manufacturing,” the PM said on Thursday.

Finance Minister Nirmala Sitharaman has prioritised green growth and has included it in the top seven priorities of the Union Budget 2023-24, which would push the country's green industrial and economic transition, environment-friendly agriculture and sustainable energy.

“India has focussed on green growth through ethanol blending, rooftop solar scheme, battery storage, etc. For industry there is green credit while for farmers there is PM pranam yojana in this budget,”PM Modi said.

India has been the fastest in green energy addition since 2014, claimed PM Modi. The 10 per cent ethanol blending target with petrol also has been achieved before time. India also achieved 40 per cent of its power capacity through non-fossil fuels ahead of time.

Replying to a tweet by Union Minister for Heavy Industries Mahendra Nath Pandey, which said that electric vehicles under the FAME ll scheme have saved 22.9 crore litres of fuel as well as reduced 33.9 crore kilogram of carbon dioxide, PM Modi said the government is fully committed to sustainable development in the field of green energy.  

India targeting production of 5 million tons per annum of green hydrogen and provided Rs 19,000 crore incentive for private sector under National Hydrogen Mission, which is part of the India's larger target of having 500 GW of renewable energy by 2030.

Talking about the vehicle scrapping policy, PM Modi said Rs 3,000 crore has been earmarked for the initiative, under which about three lakh vehicles will be scrapped including police cars, ambulances and public buses, which are 15 years old.

“Rs 3,000 crore has been allocated for vehicle scrapping policy. Vehicle swapping will be a big market for investors and will help promote a circular economy,” Modi said.

He further said that the new Gobardhan scheme, proposed in the Union Budget 2023 for setting up 500 new waste-to-wealth plants, will be set up to manage cattle and organic waste. He said that under the Gowardhan Yojana, 500 new plants will be set up with Rs 10,000 crore investment.

Watch: What Makes The Renewable Energy Sector Costlier Than Other Energy-Producing Sectors?

Also read: Budget 2023: Announcements from Sitharaman’s red book reiterate India’s green push