India will achieve 500 GW of renewable power capacity by 2030, budget is important in establishing the country in the green energy market

Prime Minister Narendra Modi has said that by the year 2030, India will have achieved 500 GW (five lakh MW) of non-fossil-based electricity capacity (beyond petrol, diesel, and coal). He said that the budget presented for the upcoming financial year will play an important role in establishing India as a leading player in the global green energy market. In a webinar organized on Thursday with various ministries and all stakeholders on Green Growth, the Prime Minister said that the budget includes opportunities as well as security for the future.

Appeal to the private sector to invest in green growth

12 webinars will be organized related to the key points of the budget and all the webinars will be addressed by the Prime Minister. In his address, the Prime Minister appealed to the private sector to invest in green growth. He was also informed about the opportunities emerging from renewable energy to cow dung gas, hydrogen mission, vehicle scrapping policy, battery storage capacity, and water transport.

India can reach zero carbon state

Significantly, the IMF has also expressed hope that India can reach a zero-carbon state before 2070. Modi said that India achieved the target of contributing 40 percent non-fossil fuel to our installed power capacity nine years in advance. India also achieved the target of 10 percent ethanol blending in petrol five months in advance. India has also decided to reduce the target of 20 percent ethanol blending from 2030 to 2025-26.

Biogas will be produced in large quantities

PM Modi said that India has the potential to produce 10 thousand million cubic meters (MCM) of biogas from cow dung and 1.5 lakh million cubic meters of gas from agricultural waste. Under the Gobardhan Yojana, 500 new plants will be set up, which will not be like the old-fashioned cow dung gas plants. The Prime Minister said that there have been three main pillars of India's strategy for green growth. These include increasing the production of renewable energy, reducing the use of fossil fuels in the economy, and moving at a faster pace towards a gas-based economy.

Many important announcements in the budget

Under this strategy, announcements like ethanol blending, PM Kusum Yojana, incentives for solar manufacturing, rooftop solar scheme, coal gasification, and battery storage were made in the earlier budget. In this year's budget also there are green credits for the industry, then there is PM PRANAM (Pranaam) scheme for the farmers. There is Gobardhan Yojana for villages and a vehicle scrapping policy for urban areas. Green hydrogen has also been emphasized. At the end of the address, the Prime Minister also told all the stakeholders that the discussion in the webinar should not wander on what should have happened, but should focus on how to implement every item of the budget in a good way and go green. Growth should be ensured.

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