In the union budget 2023–24, the Indian finance minister stated that India is making rapid progress toward achieving its net zero targets by 2070. The budget builds on a focus on green growth. The key points related to renewable energy sector as the following:
- The National Green Hydrogen Mission will make it easier for the economy to transition to one with a low carbon intensity and less reliance on imported fossil fuels. The National Green Hydrogen Mission has been given a budget of Rs 197 billion and will aid in the transition of the economy into a low-carbon intensity and green economy. The 2030 target for the hydrogen mission is to produce 5 MMT annually.
- A priority investment fund of Rs 350 billion has been allocated for the net-zero goal of the energy transition.
- Viability Gap Funding to be used to support the development of battery energy storage systems with a 4,000 MWh capacity.
- A detailed framework for pumped storage projects will also be formulated.
- Building an interstate transmission system for the grid integration of 13 GW of renewable energy from Ladakh will cost Rs 207 billion.
- The Environment Protection Act will notify the green credit programme of any actions taken by people or organisations to promote environmentally friendly behaviour.
- The Govardhan scheme announced 500 new waste-to-wealth plans to encourage a circular economy.
- Using the public-private partnership model, coastal shipping will be marketed as an economical and energy-efficient mode of transportation.
- It was declared that as a key component of the green economy, it is important to replace old, polluting vehicles. Sufficient amount of money must be set aside to scrap old federal, state, and ambulance vehicles.
- Custom duty exemptions for imports of equipment and capital goods needed to produce lithium-ion cells used in electric vehicle batteries.
