Union Budget 2024-25 Insights: Advancing India's Sustainability Goals
The Government of India is poised to present the Union Budget 2024-25 with a strong focus on achieving sustainable development under the vision of “Viksit Bharat” by 2047. This comprehensive vision encompasses economic growth, environmental sustainability, good governance, and social progress.
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Strengthening Renewable Energy Initiatives
Building upon the foundation laid in the interim budget, the upcoming budget proposes significant investments to bolster renewable energy initiatives. The Ministry of New and Renewable Energy (MNRE) is slated to receive a substantial budgetary increase of 25.71%, amounting to ₹128.5 billion. Key allocations include enhancing solar power projects and advancing the National Green Hydrogen Mission. These efforts are pivotal in achieving India's net-zero emissions target by 2070 and ensuring sustainable energy solutions for future generations.
- Solar Power Expansion: The budget allocates ₹8,500 crore to augment the solar power grid, up from ₹4,970 crore in FY2023-24. This initiative aims to foster widespread adoption of solar energy across the country, reducing reliance on fossil fuels and mitigating environmental impact.
- Pradhan Mantri Suryodaya Yojna: A landmark policy initiative, this program targets the installation of solar panels on one crore households, providing 300 units of free electricity per month. Beyond energy access, it promises to generate employment opportunities in installation, maintenance, and related services, contributing to economic growth.
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Developing a Robust Electric Vehicle Ecosystem
India aims to achieve a 30% penetration of Electric Vehicles (EVs) in total vehicle sales by 2030. The budget emphasizes the need to strengthen the EV ecosystem, particularly through the upgraded FAME III scheme. Financial incentives are anticipated to encourage adoption across various segments, including two- and three-wheelers, government-owned buses, and private transport. Addressing infrastructure gaps in charging stations remains a priority to facilitate seamless EV adoption nationwide.
Boosting Research and Innovation
Recognizing the pivotal role of research and innovation in sustainable development, the budget proposes increasing R&D spending to 2% of GDP. A ₹1 trillion corpus is earmarked to provide long-term, interest-free loans to spur innovation in green sectors such as renewable fuels, sustainable agriculture, and green mobility. This initiative aims to attract private sector investment, fostering technological advancements that align with global sustainability standards and enhance India's competitive edge.
Conclusion
The Union Budget 2024-25 reflects a strategic commitment to green infrastructure and sustainable development, pivotal in achieving India's long-term economic and environmental goals. By prioritizing renewable energy, biofuels, electric vehicles, and research-driven innovation, the government sets the stage for a net-zero emissions future by 2070. These investments not only promise environmental benefits but also economic growth and social progress, reinforcing India's position as a global leader in sustainability.
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