In a groundbreaking move towards comprehensive and inclusive development, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, unveiled a series of initiatives during the tabling of the Interim Budget 2024-2025. Focused on promoting green growth and renewable energy, the measures outlined encompass rooftop solarization, green energy initiatives, and the expansion of the electric vehicle ecosystem.
Rooftop Solarization and Muftbijli: Power to the People
Finance Minister Sitharaman emphasized the implementation of rooftop solarization, aiming to empower one crore households with up to 300 units of free electricity monthly. Aligned with the Prime Minister’s vision on the historic day of the Ram Mandir consecration in Ayodhya, this scheme promises significant benefits, including substantial annual savings for households, support for electric vehicle charging, and entrepreneurial and employment opportunities in the green energy sector.
Green Energy Commitment: A Step Towards ‘Net-Zero’
In a bid to achieve the ‘net-zero’ target by 2070, Sitharaman proposed several key measures in the Interim Budget 2024-25. These include providing viability gap funding for offshore wind energy, establishing coal gasification and liquefaction capacity, and mandating phased blending of Compressed Bio Gas (CBG) in Compressed Natural Gas (CNG) for transport and Piped Natural Gas (PNG) for domestic use. Financial assistance for biomass aggregation machinery is also on the cards to support sustainable collection practices.
Electric Vehicle Ecosystem: Powering Ahead
The Finance Minister outlined the government’s commitment to expanding and strengthening the electric vehicle (EV) ecosystem. Highlighting support for manufacturing and charging infrastructure, the announcement emphasized the encouragement of e-buses for public transport through a secure payment mechanism.
Bio-manufacturing and Bio-foundry: A Green Industrial Revolution
Sitharaman introduced a visionary scheme for bio-manufacturing and bio-foundry to promote environmentally friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs. This initiative aims to shift from consumptive manufacturing to a regenerative paradigm, contributing significantly to sustainable and green industrial practices.
In essence, the Interim Budget 2024-25 heralds a transformative green agenda, positioning India on the path to sustainable development and reinforcing its commitment to a cleaner, greener future. The outlined measures not only promise economic benefits but also pave the way for a more environmentally conscious and resilient nation.