Path to Green Growth and Energy Transition

THE UNION BUDGET 2023 builds on India’s relentless commitment to accelerate the economy’s transition to green energy.

- Pratik Agarwal

Presented by Finance Minister Nirmala Sitharaman, the Union Budget 2023 speech introduced several big bang initiatives to promote green growth and sustainable living. What is more, the budget identified ‘green growth’ as one of the seven priorities, or Saptarishi, as India embarks upon a crucial phase of sustainable growth and development for the next 25 years or the Amrit Kaal.

The Green Boost

Best of all, in keeping with the nation’s commitment to combat climate change, the Union Budget allocated a sizeable Rs 35,000 crore for priority capital investments towards energy transition and net zero objectives. It also rolled out specific measures for energy efficiency, electric mobility, energy storage, and green bonds – a combination that will serve to lower the economy’s carbon intensity and spur a movement towards an environmentally conscious lifestyle and create green jobs.