The Ministry of Power led the first post-budget webinar on Green Growth with discussions in six parallel sessions on 12 announcements made in the Union Budget 2023-24. Over 1100 participants drawn from Industry, Academia, PSUs, State governments and sector experts participated in the deliberations, which were aimed at seeking inputs for finalization of a time-bound action plan for implementation of budget initiatives.
Addressing the participants, the Prime Minister urged the industry to invest in the sector and said that the India had a huge potential to lead the world in green energy and generate green jobs. “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 of the energy world to invest in India”, Prime Minister said. Expressing confidence in achieving various targets set in the budget, Prime Minister said that India achieved the target of 40% contributions from non-fossil fuels in the installed electricity capacity nine years before the target date. He also mentioned that India achieved the target of 10% ethanol blending in petrol five months before time and emphasized that the nation strives to achieve 20% ethanol blending in petrol by 2025-26 instead of 2030.
Speaking in the breakout session on Green Growth, Power & MNRE Minister Shri R. K. Singh said that Power sector is going to emerge as a major contributor of investment and growth in the country. “The country will add 325 GW of Renewable Energy capacity between now and 2030. It has the lowest cost of setting up RE capacity; and its cost of Green Hydrogen will be the most competitive in the world. The country will need at least 80 GW of Electrolyzer capacity by 2030. India is poised to transform from a net importer of energy to being a net exporter of energy”, the Minister said. Highlighting that the country was growing at 7% and the power demand was increasing at 10%, the Power Minister said that enough capacity in generation, transmission and distribution was being created to take care of the growing needs of the economy. Shri Singh said that a rather conservative estimate of 5 MMT have been projected for the Green Hydrogen by 2030 but the country was aiming to surpass this target. Concluding the day-long deliberations, the Power Minister said that this has been a very productive exercise with a large number of suggestions received from the stakeholders. He said the concerned Ministries would work on these suggestions to put in place a time-bound action plan.
As part of the Green Growth agenda, the Union Budget has envisaged 12 initiatives spread across 13 ministries viz. Green Hydrogen Mission, Energy Transition, Energy Storage Projects, Renewable Energy Evacuation, Green Credit Program, PM-PRANAM, GOBARdhan Scheme, Bhartiya Prakritik Kheti Bio-Input Resource Centres, MISHTI, Amrit Dharohar, Coastal Shipping and Vehicle Replacement.
