Context: The Union Budget 2023-24 has highlighted “Green Growth” as one of the seven priorities for future growth.
Key Initiatives Outlined in the Budget towards Green Growth
| Infrastructure |
The Government of India (GoI) plans to allocate a significant portion of its budget for green growth towards infrastructure spending through the following:
- Transitioning to renewables and low carbon intensity through initiatives such as the National Green Hydrogen Mission (Rs 19,700 crore);
- Implementation of priority capital projects for energy transition and security by the Ministry of Petroleum and Natural Gas at an outlay of Rs 35,000 crore;
- Viability gap funding (VGF) for developing energy storage projects with capacity of 4,000 MWH on PPP basis;
- Augmenting the transmission network for evacuating 13 GW renewable energy from Ladakh at an investment of Rs 20,700 crore of which GoI will invest Rs 8,300 crore;
- Increased adoption of coastal shipping through PPPs supported by VGF to lower costs and the associated carbon footprint.
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| Mission LiFE |
The Budget facilitates adoption of the LiFE framework to support livelihoods through the Green Credit Programme which will incentivize companies, individuals and local bodies to adopt environment friendly practices; |
| Circular Economy |
The Budget promotes the adoption of Circular Economy concepts across multiple sectors through initiatives like:
- The Galvanizing Organic Bio-Agro Resources Dhan (GOBARdhan) scheme which envisages setting up of 500 “waste to wealth” plants at an investment of Rs 10,000 crore.
- Financial support for all central and State government agencies for implementing the Vehicle Scrapping Policy which was announced in 2021.
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| Land rejuvenation, afforestation and reducing carbon footprint of agriculture |
The Budget facilitates land rejuvenation, afforestation and reducing carbon footprint of agriculture by:
- incentivizing States to adopt alternative fertilizers and ensure balanced use of chemical fertilizers through the PM-Pranam (PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth) scheme.
- supporting 1 crore farmers to adopt natural farming by setting up 10,000 bio-input resource centers as part of a national network for micro-fertilizer and pesticide manufacturing;
- Mangrove afforestation through the MISHTI (Mangrove Initiative for Shoreline Habitats & Tangible Incomes) scheme;
- land rejuvenation & optimal use of wetlands, enhancing bio-diversity & carbon stock and promoting eco-tourism & income generation through the Amrit Dharovar scheme.
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