During the presentation of the interim Budget 2024, Union Finance Minister Nirmala Sitharaman has revealed details about the government’s rooftop solar programme, the Pradhanmantri Suryodaya Yojana. This initiative aims to empower one crore households, providing them with 300 units of free electricity every month. Prime Minister Narendra Modi introduced this substantial project on the occasion of the Ayodhya Ram Mandir consecration.
Addressing the government’s commitment to achieving net zero by 2027, Union Finance Minister Nirmala Sitharaman outlined measures to propel renewable energy. Viability Gap Funding will be allocated to harness offshore wind energy potential, focusing on an initial capacity of 1 GW. The Finance Minister emphasized the importance of such initiatives in steering the nation towards sustainable energy practices.
Looking ahead, Mrs Sitharaman highlighted the establishment of coal gasification and liquefaction facilities, targeting a production capacity of 100 metric tonnes by 2030. This goal not only contributes to the reduction of imports of natural gas, methanol, and ammonia but also aligns with the government’s broader vision for energy self-sufficiency.
Building on the momentum from the previous year’s policy i Budget on compressed bio-gas blending, the Finance Minister reiterated the government’s mission. The blending of Compressed Bio-Gas (CBG) in Compressed Natural Gas (CNG) for transport and Piped Natural Gas (PNG) for domestic purposes will become mandatory. Additionally, financial support will be extended for the procurement of biomass segregation machinery, enhancing biofuel consumption.
The budgetary announcement also underscored the pivotal role of the Indian government in promoting electric mobility. Mrs Sitharaman outlined plans to expand and fortify the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. In a bid to encourage the adoption of electric buses for public transport networks, the Finance Minister introduced a payment security mechanism.
Emphasizing the government’s commitment to sustainable practices, Finance Minister Sitharaman introduced a novel mechanism—biomanufacturing and bio foundry. This initiative aims to offer environmentally friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals, and bioagri inputs. By investing in these green technologies, the government seeks to foster a culture of responsible and sustainable manufacturing.
The rooftop solar programme, Pradhanmantri Suryodaya Yojana, reflects the government’s pursuit of sustainable and inclusive development. Empowering households with free electricity not only addresses the immediate energy needs of citizens but also aligns with global efforts to combat climate change. The announcement reflects the government’s vision to leverage renewable energy sources for the benefit of the masses.
Furthermore, the aim to offshore wind energy, coal gasification, and liquefaction facilities signals a comprehensive approach to energy security and independence. By tapping into diverse energy sources, the government aims to reduce dependency on imports and build a robust, self-sustaining energy infrastructure.
The mandatory blending of Compressed Bio-Gas in CNG and PNG represents a progressive move towards cleaner fuel alternatives. Financial assistance for biomass segregation machinery demonstrates the government’s willingness to invest in the necessary infrastructure for promoting biofuel consumption.
In the realm of electric mobility, the budgetary provisions reflect a holistic approach. Strengthening the e-vehicle ecosystem and encouraging the adoption of electric buses align with the government’s vision for a cleaner and more sustainable transportation system. The introduction of biomanufacturing and bio foundry adds a new dimension to India’s efforts in promoting green growth. By supporting the development and adoption of bio-based alternatives, the government aims to create a more environmentally conscious industrial landscape.