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Budget and Green Growth

Context: The Union Budget 2023-24 has highlighted “Green Growth” as one of the seven priorities for future growth.

Key Initiatives Outlined in the Budget towards Green Growth

Infrastructure The Government of India (GoI) plans to allocate a significant portion of its budget for green growth towards infrastructure spending through the following:

  • Transitioning to renewables and low carbon intensity through initiatives such as the National Green Hydrogen Mission (Rs 19,700 crore);
  • Implementation of priority capital projects for energy transition and security by the Ministry of Petroleum and Natural Gas at an outlay of Rs 35,000 crore;
  • Viability gap funding (VGF) for developing energy storage projects with capacity of 4,000 MWH on PPP basis;
  • Augmenting the transmission network for evacuating 13 GW renewable energy from Ladakh at an investment of Rs 20,700 crore of which GoI will invest Rs 8,300 crore;
  • Increased adoption of coastal shipping through PPPs supported by VGF to lower costs and the associated carbon footprint.
Mission LiFE The Budget facilitates adoption of the LiFE framework to support livelihoods through the Green Credit Programme which will incentivize companies, individuals and local bodies to adopt environment friendly practices;
Circular Economy The Budget promotes the adoption of Circular Economy concepts across multiple sectors through initiatives like:

  • The Galvanizing Organic Bio-Agro Resources Dhan (GOBARdhan) scheme which envisages setting up of 500 “waste to wealth” plants at an investment of Rs 10,000 crore.
  • Financial support for all central and State government agencies for implementing the Vehicle Scrapping Policy which was announced in 2021.
Land rejuvenation, afforestation and reducing carbon footprint of agriculture The Budget facilitates land rejuvenation, afforestation and reducing carbon footprint of agriculture by:

  • incentivizing States to adopt alternative fertilizers and ensure balanced use of chemical fertilizers through the PM-Pranam (PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth) scheme.
  • supporting 1 crore farmers to adopt natural farming by setting up 10,000 bio-input resource centers as part of a national network for micro-fertilizer and pesticide manufacturing;
  • Mangrove afforestation through the MISHTI (Mangrove Initiative for Shoreline Habitats & Tangible Incomes) scheme;
  • land rejuvenation & optimal use of wetlands, enhancing bio-diversity & carbon stock and promoting eco-tourism & income generation through the Amrit Dharovar scheme.

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which year budget has highlighted “Green Growth” as one of the seven priorities for future growth?

The Union Budget 2023-24 has highlighted “Green Growth” as one of the seven priorities for future growth.

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