Union Budget 2023-2024 Reaction: Manish Dabkara, Chairman and MD EKI Energy Services Ltd and President CMAI (Carbon Market Association of India)

1 Feb 2023 , 02:24 PM

The Union Budget 2023 presented by Finance Minister Nirmala Sitharaman in Parliament made several key declarations related to Green Growth and Energy Transition. One noteworthy announcement is the establishment of regulations for the Green Credit Program, which will be governed by the Environmental Protection Act. This move will incentivize the distribution of additional resources and environmentally sustainable & responsive actions by companies, individuals and local bodies; provide fiscal incentives; and support the Government of India’s LiFE program, promoting a pro-planet, pro-people way of life.

The budget presents a promising outlook for steering the country towards a low-carbon development path, with an impressive allocation of an additional Rs 10 lakh crores, representing a 33% increase. The government’s efforts in supporting all aspects of green growth, including the National Green Hydrogen Mission, funding for battery storage and pumped storage, alternative fertilizers, replacement of polluting vehicles, and integration of renewable energy from Ladakh into the grid, are commendable and will aid in boosting the country’s green growth.

The budget proposes innovative policies and programs with sufficient budgetary allocations, aimed at advancing India’s sustainability goals. With capital inflow and support from the government in the form of regulations and initiatives such as the GOBARdhan Schemes for waste management and recycling, support for Natural Framings, Mangrove Initiatives, Micro Fertilizers Manufacturing and Distribution Network, and exemptions on customs duties for green mobility, the future looks promising and sustainable.

We are thrilled with the green growth provisions outlined in the budget, as they place the country on a steadfast path towards meeting its net-zero goals.