“Potential of Solar, Wind & Biogas in India is No Less Than a Gold Mine or Oil Field for Private Sector,” says PM Modi

In his address to the gathering, the Prime Minister stated that all budgets tabled in the country since 2014 have advanced new-age reforms in addition to finding solutions to current challenges. Three pillars for green growth and energy transmission were outlined by the Prime Minister.

First, increasing renewable energy production; second, reducing the use of fossil fuels in the economy; and finally, rapidly transitioning the country to a gas-based economy. This strategy has been emphasized in recent Budget announcements of measures such as ethanol blending, PM KUSUM Yojana, incentives for solar manufacturing, rooftop solar scheme, coal gasification, and battery storage. In this year's budget, the Prime Minister emphasized schemes such as green credit for industries, PM Pranam Yojana for farmers, Gobardhan Yojana for villages, vehicle scrapping policy for cities, Green Hydrogen, and wetland conservation, which were announced in previous years' budgets.

The Prime Minister emphasized that these announcements lay the groundwork for future generations. The Prime Minister stated that India's dominant position in renewable energy will result in a corresponding change in the world. "This Budget will play a key role in establishing India as a lead player in the global green energy market. That is why, today, I am inviting every stakeholder in the energy sector to invest in India," said the Prime Minister. In reference to global efforts to diversify the energy supply chain, the Prime Minister stated that this Budget has provided an excellent opportunity for any green energy investor to invest in India. This will also be very beneficial to the sector's startups, he added.

"India has been the fastest among major economies in terms of renewable energy capacity addition since 2014," the Prime Minister said. He went on to say that India's track record demonstrates its ability to meet targets for renewable energy resources ahead of schedule. The Prime Minister stated that India met the target of 40% non-fossil fuel contributions to installed electricity capacity nine years ahead of schedule. He also stated that India met the target of 10% ethanol blending in gasoline five months ahead of schedule, and that the country aims to achieve 20% ethanol blending in gasoline by 2025-26, rather than 2030.

He emphasised that a capacity of 500 GW will be reached by 2030. Recalling the introduction of E20 fuel, the Prime Minister stated that the government's emphasis on biofuels has created new opportunities for investors. He noted the country's abundance of agri-waste and urged investors not to pass up the opportunity to set up ethanol plants in every corner of the country. "The potential of solar, wind, and biogas in India is no less than the potential of any gold mine or oil field for our private sector," Prime Minister said.

According to the Prime Minister, India is on track to produce 5 MMT of green hydrogen under the National Green Hydrogen Mission. A sum of Rs 19 thousand crores has been set aside to incentivize the private sector in this area. He also mentioned other possibilities, such as electrolyzer manufacturing, green steel manufacturing, and long-distance fuel cells.

The Prime Minister also stated that India has the potential to produce 10,000 million cubic metres of biogas from Gobar (cow dung) and 1.5 lakh cubic metres of gas, which can contribute up to 8% to the country's city gas distribution. "Because of these possibilities, today the Gobardhan Yojana is an important component of India's biofuel strategy. The government announced plans to build 500 new plants under the Gobardhan Yojana in this budget. These are not your grandfather's plants. "The government will invest Rs 10,000 crore in these modern plants," he said. According to the Prime Minister, the private sector is receiving attractive incentives for producing CBG from Agri-waste and municipal solid waste.

In conclusion, the Prime Minister stated that India has enormous potential to lead the world in Green Energy technology. Apart from creating Green Jobs, he emphasized that it will advance the cause of global good. This budget is not only an opportunity; it is also a guarantee of our future security," Prime Minister Narendra Modi said, urging all stakeholders to act quickly to implement every provision of the budget. The government supports you and your ideas."