NEW DELHI: Inviting global investment in the green energy sector, Prime Minister Narendra Modi on Thursday said that India's potential in solar, wind and biogas is no less than a goldmine or an oil field. Addressing a webinar on various "Green Growth" announcements made in the Union Budget 2023–24, Mr Modi said, "This Budget is not only an opportunity but also contains the guarantee of our future security."
The Prime Minister noted that India’s commanding position in the renewable energy space will ensure a commensurate change in the world. "This Budget will play a key role in establishing India as a lead player in the global green energy market. That is why, today, I invite every stakeholder in the energy world to invest in India," he said.
Referring to the global efforts for diversification of the energy supply chain, Mr Modi said that this Budget has given a great opportunity to every green energy investor to invest in India and 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. India’s track record shows its capability to achieve the objectives before time when it comes to renewable energy resources," he said.
The Prime Minister informed the audience that India achieved the target of 40 per cent contributions from non-fossil fuels in the installed electricity capacity nine years before the target date.
Mr Modi said that India achieved the target of 10 per cent ethanol blending in petrol five months ahead of schedule and that the nation strives to achieve the 20 per cent ethanol blending target by 2025–26 instead of 2030.
The Prime Minister also mentioned that the total renewable energy capacity of 500 GW will be achieved by 2030.
Talking about the launch of E20 fuel, the Prime Minister pointed out the government’s emphasis on biofuels and said that it has brought new opportunities for investors.
At the webinar, the PM talked about the abundance of agri-waste in the country and urged the investors not to miss the opportunity of setting up ethanol plants in every corner of the country. "The potential in solar, wind and biogas in India is no less than any gold mine or oil field for our private sector," Mr Modi said.
The Prime Minister stated that all Budgets tabled in the country since 2014 have advanced new-age reforms in addition to finding solutions to current-day challenges.
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 fuels in the economy and finally, rapidly moving towards a gas-based economy in the country.
The Prime Minister stated that under the National Green Hydrogen Mission, India is moving towards a target of producing five MMT of green hydrogen and an allocation of `19,000 crores has been made to incentivise the private sector in this field.
The Prime Minister also said that India has the potential to produce 10,000 million cubic metres of biogas from cow dung (gobar) and 1.5 lakh cubic metres of gas, which can contribute up to 8 per cent to the country's city gas distribution system.
"Because of these possibilities, the Gobardhan Yojana is today an important component of India's biofuel strategy. In this Budget, the government has announced plans to set up 500 new plants under the Gobardhan Yojana. These are not like old-fashioned plants. The government will spend `10,000 crores on these modern plants," he said.
Throwing light on the country’s vehicle scrapping policy, he stressed that it is a crucial part of the green growth strategy and informed that the government has made provisions of `3,000 crores in this year’s Budget to scrap around three lakh vehicles owned by Central and state governments that are older than 15 years, including police vehicles, ambulances and buses.
"Vehicle scrapping is going to become a huge market," said the Prime Minister, following the principle of "Reuse, Recycle and Recovery". He also emphasised that it gives new strength to our circular economy and urged the youth of India to participate in various circular economy initiatives.
The Prime Minister pointed out that India has to increase its battery storage capacity to 125 gigawatt hours in the next six-seven years and informed the audience that the government has come out with a viability gap-funding scheme in this Budget to support the battery developers in achieving big goals in this capital-intensive sector.
Noting that water-based transport is becoming a huge sector in India, he said that India transports only five per cent of its cargo through its coastal routes today, whereas only two per cent of cargo is transported in the country through inland waterways. He said that the development of waterways in India will give rise to many opportunities for all stakeholders in this field.
The Prime Minister stated that India has enormous potential to lead the world in green energy technology, emphasising that it will advance the cause of global good in addition to creating green jobs.
“This Budget is not only an opportunity, but it also contains the guarantee of our future security,” the Prime Minister said. He urged all stakeholders to act quickly to implement every provision of the Budget.
