Namaskar!

There has been a pattern in all the budgets in India since 2014. Every budget of our government since then has been pushing New Age Reforms while meeting the current challenges simultaneously. There have been three main pillars of India's strategy for Green Growth and Energy Transition. First, increasing the production of renewable energy; second, to reduce the use of fossil fuels in our economy; and thirdly: to move ahead at a fast pace towards a gas-based economy within the country. As part of this strategy, many important announcements have been made in the subsequent budgets, be it ethanol blending, PM-KUSUM scheme, incentive for solar manufacturing, roof-top solar scheme, coal gasification or battery storage. In this year's budget also, there are green credits for the industry and there is also the PM PRANAM scheme for the farmers. There is Gobar Dhan Yojana for villages and vehicle scrapping policy for urban areas. There is an emphasis on green hydrogen as well as an equal focus on wetland conservation. The provisions made in this year's budget regarding Green Growth are in a way the foundation stone for the bright future of our future generations.

Friends,

India can bring about a major change in the entire world if it secures a commanding position in renewable energy resources. This budget will play an important role in establishing India as a lead player in the Global Green Energy market. Therefore, I invite every stakeholder associated with the energy world to invest in India. Today the world is diversifying its renewable energy supply chains. Keeping this in mind, India has given every green investor the best opportunity in this year’s budget to invest in this sector. It will also be very advantageous for the start-ups in this sector.

Friends, 

Since 2014, India has been the fastest in renewable energy capacity addition among major economies. Our track record shows that India meets the renewable energy targets well ahead of time. India achieved the target of contribution of 40 per cent non-fossil fuel in our installed electricity capacity nine years in advance. India also achieved the target of 10% ethanol blending in petrol five months in advance. India has also advanced the target of 20% ethanol blending to 2025-26 from 2030. India will achieve 500 GW of non-fossil-based electricity capacity by 2030. The way our government is laying emphasis on bio-fuels, it offers a huge opportunity for all the investors. Recently, I also launched E-20 fuel. There is no dearth of agri-waste in our country. Therefore, investors should not miss the opportunity of setting up ethanol plants in every corner of the country. The potential of solar, wind and bio-gas in India is not less than any gold mine or oil field for our private sector.

Friends,

India is aiming to produce 5 MMT Green Hydrogen every year under the National Green Hydrogen Mission. A provision of more than 19,000 crore rupees has been made in this mission to encourage the private sector. Along with the production of Green Hydrogen, there are many other options for you. For example, many investment opportunities are in the offing in electrolyser manufacturing, manufacturing of green steel, manufacturing of fuel cells for long haul transportation.

Friends,

India has the potential to produce 10,000 million cubic meters of biogas from cow dung and 1.5 lakh million cubic meters of gas from agri-residue. This can contribute up to eight per cent in city gas distribution in our country. In the wake of these possibilities, today the Gobar Dhan Yojana is an important component of India's biofuel strategy. The government has announced to set up 500 new plants under the Gobar Dhan Yojana in this year’s budget. These are unlike the old-fashioned Gobar Gas plants. The government will spend Rs 10,000 crore on these modern plants. The government's "Waste to Energy" program is creating a new market for the private sector and MSMEs of the country. Along with the agri-waste in villages, the production of CBG from the municipal solid waste of the cities is also a great opportunity for them. The government is giving tax exemption as well as financial assistance to encourage the private sector.

Friends,

India's Vehicle Scrapping Policy is an important part of the green growth strategy. The government has made a provision of Rs 3,000 crore in this year’s budget in order to encourage scrapping of vehicles. About three lakh vehicles of the Central and State Governments are to be scrapped in the next few months. These vehicles are more than 15 years old and include vehicles used by the police, especially the ambulances in our hospitals and the buses of our public transport. Vehicle scrapping is going to become a huge market for all of you. Following the principle of ‘Reuse, Recycle and Recovery’, it will also give a new push to our circular economy. I would also urge the youth of India and our start-ups to join various means of circular economy.

Friends,

India has to increase its battery storage capacity to 125 Giga Watt hours in the next 6-7 years. There will be many new opportunities for you in the wake of this massive goal. Investment of lakhs of crores of rupees will be needed to meet this goal. The government has also announced Viability Gap Funding Scheme in this year’s budget to support battery developers.

Friends,

Water-based transport is a huge sector in India, which is going to gain momentum in the near future. Today India transports only 5 per cent of its cargo through its coastal route. Similarly, only 2 per cent of cargo is transported in India through inland waterways. The way waterways are being developed in India there will be many opportunities for all of you in this field.

Friends,

India can take the lead in the world in Green Energy technology. Apart from increasing Green Jobs in India, it will also help a lot in global good. This budget is not only an opportunity for you, but it also offers guarantee to your future. We have to work fast and together to implement every provision of the budget. All of you will discuss in detail in today's webinar. This discussion is not in the context of what should or should not have been in the budget. The budget has been introduced and it has already been presented in the Parliament. Now, it is the duty of the government and the countrymen to implement each and every provision of this budget in an effective way and how to make new innovations to ensure green growth in the country. The government is ready to walk along with you to implement the budget proposals. Once again, I heartily welcome all the investors, start-ups, the people from the agriculture field, experts and academicians for taking out time for this webinar and wish them for the success of this webinar. 

Thanks a lot!

DISCLAIMER: This is the approximate translation of PM’s speech. Original speech was delivered in Hindi.

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DS/VK/AK