Union budget accelerates green growth momentum, says PM

New Delhi, Feb 23: Prime Minister Narendra Modi on Thursday said that the union budget for 2023-2024 accelerates the momentum for green growth. Addressing a post budget webinar on "green growth", Modi said, "Every budget of this government has been forwarding new-age reforms along with finding solutions to current challenges."

"Green energy announcements in this budget lay the foundation stone and pave the way for future generations. This budget will play a key role in establishing India as a lead player in the global green energy market," he added.

This was the first in the series of 12 webinars which the prime minister would be addressing over the next three weeks, focussing on various aspects of the budget.

"India has been the fastest in renewable energy capacity addition among major economies since 2014. The potential of solar, wind and biogas in India is no less than any gold mine or oil field for our private sector," he added.

Referring to the vehicle scrappage policy, Modi described it as a crucial part of the green growth strategy.

"India has huge potential to lead the world in green energy. It will forward the cause of global good apart from generating green jobs," he said further.

Union ministers and top government officials attended the webinar.

He informed 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.

Modi also mentioned that India achieved the target of 10 per cent ethanol blending in petrol five months before time and emphasised that the nation strives to achieve 20 per cent ethanol blending in petrol by 2025-26 instead of 2030.

The prime minister underlined that the capacity of 500 GW will be achieved by 2030.

Recalling the launch of E20 fuel, he noted the government's emphasis on biofuels and said that it has brought new opportunities for investors.

The prime minister said that under the National Green Hydrogen Mission, India is moving with a target of production of 5 MMT green hydrogen. An allocation of Rs 19,000 crore has been made to incentivise the private sector in this field, he informed. This budget is not only an opportunity, but it also contains the guarantee of our future security, the prime minister concluded.