Prime Minister Narendra Modi, during his post-budget webinar on aspects relating to green growth, said the government's every budget since 2014 has focussed on "new-age reforms".

He said India's push for green growth and energy transition has three main pillars -- increasing renewable energy production, reducing fossil fuels usage and taking the country towards a gas-based economy.

The PM said this year's budget, too, has "green credits" for industry and PM PRANAM for farmers. "This includes Gobardhan Yojana for villages vehicle scrapping policy for urban areas. Stress has been immense focus has been put on green hydrogen and wetland conservation."

According to the PM, the budget will help make India a lead player in the "Global Green Energy" market, and the vehicle scrapping policy and green growth strategy are the two main aspects. "They work on the principles of reuse, recycle and recovery and will provide new power to the country's circular economy."

India can lead the world in green energy, which will not only provide green jobs but will also help for the greater global good, he said.

Prime Minister Narendra Modi has said the government is fully committed to sustainable development in the field of green energy. The government data shows under the FAME ll scheme, 22.9 crore litres of fuel has been saved and it has also reduced 33.9 crore kg of CO2.

In her Budget 2023 speech, Finance Minister Nirmala Sitharaman said the government's green growth efforts will help reduce the carbon intensity of the economy. "We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. These green growth efforts help in reducing the carbon intensity of the economy and provide for largescale green job opportunities," the FM had said.

She also listed "green growth" among the 7 main priorities for the government during the Amrit Kaal, including inclusive development, reaching the last mile, infrastructure and investment, unleashing the potential, youth power and financial sector.

To boost the new-age industries, the FM said the annual production of 5 MMT under the Green Hydrogen Mission will be targeted by 2030 to facilitate the transition of the economy to low carbon intensity and to reduce dependence on fossil fuel imports.

The budget also provides ₹35,000 crore for priority capital investments towards energy transition and net zero objectives and energy security. A Battery Energy Storage System with a capacity of 4,000 MWH will be supported with Viability Gap Funding.

The Inter-state transmission system for evacuation and grid integration of 13 GW of renewable energy from Ladakh, the solar capital of the world, will also be constructed with an investment of ₹20,700 crore.

Follow us on Facebook, X, YouTube, Instagram and WhatsApp to never miss an update from Fortune India. To buy a copy, visit Amazon.