Budget Takes Green Road To Growth

FM bets ₹35,000 crore towards India's global net zero commitment.

- P.B. JAYAKUMAR

PANCHAMRIT is mentioned in Indian scriptures as a holy concoction of five elements for immortality. At the UN Climate Change Conference in Glasgow (COP26) in November 2021, Prime Minister Narendra Modi set the tone for India's climate action plan for achieving net zero emission target by 2070 when he proposed a 'Panchamrit' of five goals-500 GW renewable energy capacity, 50% energy from non-fossil fuels, one billion tonne carbon emission reduction, bringing down carbon intensity of economy to 45% (all by 2030), and from there, transitioning to net zero emissions by 2070. Later, he came up with a vision for LiFE, or Lifestyle For Environment, starting a movement for adoption of an environmentally conscious lifestyle.

Finance Minister Nirmala Sitharaman set in motion the process of implementing the prime minister's sustainable growth and energy transition vision in her first Budget in 'Amrit Kaal', a vision for India's growth for next 25 years. She brought in another word from scriptures, Saptarshi (seven sages), to focus on seven priority growth engines, one of which was green growth.

"The FY24 Budget appears to have ushered in a phase of green transition, guiding the economy towards a sustainable development pathway. By focusing on initiatives to increase energy efficiency and lower carbon intensity, it demonstrates a commitment to fostering green growth," says Satish Kumar, president & executive director, Alliance for an Energy Efficient Economy. "The increased outlay for energy transition, particularly for green hydrogen and waste-to-energy, and Pranam scheme and bioinput centres, will incentivise sustainable and regenerative agriculture practices," says Anjali Bansal, founder, Avaana Capital, a climate change fund.