Paving the Way to Sustainability: India’s Budget 2023-24 and its Green Growth Focus
The Indian government has taken a significant step towards sustainability with its focus on “green growth” in the Budget 2023-24. Recognising the importance of decarbonisation, energy transformation, and the development of renewable energy sources, Finance Minister Nirmala Sitharaman has outlined a vision for a cleaner and greener future for the country.
The budget allocates INR 35,000 crores towards energy transition and net zero objectives, and INR 10,222 crores to the Ministry of New and Renewable Energy, with a focus on strengthening the nation’s renewable energy sector. The solar power industry will receive INR 5,331.5 crores, including funds for on-grid and off-grid projects, and the government has announced support for the installation of a 4,000 MwH battery energy storage system.
To encourage environmentally-friendly practices, the Green Credit Programme has been established under the Environment (Protection) Act, offering incentives to companies, individuals, and local bodies.
India can further its sustainability efforts by promoting the use of public transportation and non-motorized options such as cycling and walking, implementing energy-efficient building codes, developing a comprehensive waste management system, supporting clean technology research and development, promoting sustainable agriculture practices, and providing incentives for green infrastructure and individual sustainability.
The government should also outline plans to regulate carbon emissions for households and businesses, with fines for those who exceed the limit. To reduce carbon emissions, corporations should be required to calculate their carbon footprint and offered tax benefits for compliance with these regulations
In conclusion, the green growth focus in India’s Budget 2023-24 is a crucial step towards a cleaner and greener future. The government’s initiatives and regulations will incentivize environmentally-friendly practices and accelerate the country’s progress towards sustainability.
(The author is Mr. Anup Garg, Founder, and Director, World of Circular Economy (WOCE), a Delhi-based climate solutions start-up and the views expressed in this article are his own)
