Home  /  Daily Current Affairs  /  03-02-2023 / Budget on Green Growth

Budget on Green Growth

Posted on February 3, 2023 by admin1  74

In News

  • Recently the Ministry of Finance listed priorities for Green Growth in the Budget submission for 2022-2023.

Key Takeaways:

  • The Union ministry has listed a series of seven initiatives from green hydrogen to mangroves protection to green credit to replacement of polluting vehicles.
  • These principles complement each other and act as the ‘Saptarishi’ guiding India through the Amrit Kaal.
  • Previously, the Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of environmentally conscious lifestyle.
  • India was moving towards the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition.

Push for Green Growth:

Schemes

Important features

Green Hydrogen Mission
  • National Green Hydrogen Mission was launched with an outlay of Rs 19,700 crores
  • It aims to transition the economy to low carbon intensity
  • It will help reduce dependence on fossil fuel imports
  • It will make India assume technology and market leadership in this sunrise sector
  • It also aims to reach a target of an annual production of 5 MMT of green hydrogen by 2030

Energy Transition
  • Provided Rs 35,000 crore for priority capital investments towards energy transition and net zero objectives, and energy security by Ministry of Petroleum & Natural Gas
  • It will support Energy Storage Projects, Battery Energy Storage Systems with capacity of 4,000 MWH with Viability Gap Funding
  • A detailed framework for Pumped Storage Projects will also be formulated

Renewable Energy Evacuation
  • Will construct Inter-state transmission system for evacuation and grid integration of 13 GW renewable energy from Ladakh with investment of Rs 20,700 crore

Green Credit Programme
  • A Green Credit Programme will be notified under the Environment (Protection) Act
  • It will incentivize environmentally sustainable and responsive actions by companies, individuals and local bodies
  • It will help mobilize additional resources for such activities

PM-PRANAM
  • A new “PM Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth” will be launched
  • It will incentivize States and Union Territories to promote alternative fertilizers and balanced use of chemical fertilizers

GOBARdhan scheme
  • 500 new ‘waste to wealth’ plants under GOBARdhan scheme will be established
  • It will include 200 compressed biogas (CBG) plants, including 75 in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore

Bhartiya Prakritik Kheti Bio-Input Resource Centres

 
  • Facilitating over the next three years 1 crore farmers to adopt natural farming
  • Setting up 10,000 Bio-Input Resource Centres

MISHTI
  • Mangrove Initiative for Shoreline Habitats & Tangible Incomes (MISHTI) will be taken up for mangrove plantation

Amrit Dharohar
  • Promoting conservation of wetlands through Amrit Dharohar
  • Encouraging optimal use of wetlands, enhancing bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities

Coastal Shipping
  • Coastal shipping will be promoted as the energy efficiency and lower cost mode of transport, both for passengers and freight and Vehicle Replacement
  • Allocating adequate funds to scrap old vehicles of the Central Government
  • States will also be supported in replacing old vehicles and ambulances.

Way ahead

  • Green growth is crucial for India as it offers a pathway for sustainable economic development while preserving the environment. 
  • In India, green growth can address challenges such as air pollution, water scarcity, and climate change. Adopting green growth strategies can increase the use of renewable energy, promote resource efficiency, and support sustainable agriculture, resulting in a more inclusive and sustainable development. 
  • The shift towards green growth can also create new job opportunities in the fields of renewable energy and sustainable agriculture. Overall, green growth is essential for India’s economic and environmental well-being.

Source: IE

 

 
Previous article Domestic Violence Against the Women
Next article IFFCO Nano Urea

Other News of the Day

In News Recently, the U.S. accused Russia of not complying with the New START treaty. New Start treaty About The New START treaty is formally known as the Measures for the Further Reduction and Limitation of Strategic Offensive Arms. The term ‘strategic offensive arms’ applies to nuclear warheads deployed by Strategic Nuclear Delivery Vehicles (‘SNDVs’)....
Read More

In News Chief Justice of India (CJI) has recently reiterated that collegium takes into “consideration the seniority of Chief Justices and senior puisne judges while deciding on recommending judges. Key points:  "Puisne" is a French word meaning "later born" or "younger."  The term is almost always used in the context of judges and denotes seniority...
Read More

In News Paris Club is likely to give the IMF financial guarantees about the Sri Lankan debt. Key points: The Paris Club is an informal group of mostly western creditor countries. It grew from a 1956 meeting in Paris between Argentina and its public creditors. Its objective is to find sustainable debt-relief solutions for countries...
Read More

In News Recently, the National Payments Corporation of India (NPCI) paved the way for NRIs to be able to transact using Unified Payments Interface (UPI). ‘Non-resident Indian’ (NRI) is a person resident outside India who is a citizen of India.  About The NPCI has listed 10 countries where non-resident account holders can make transactions through...
Read More

In News The Opposition joined hands to demand a probe either by a Joint Parliamentary Committee (JPC), headed by the Supreme Court or monitored by the Chief Justice of India, into the allegations of fraud and stock manipulation against the Adani Group. About  Joint Parliamentary Committee (JPC) It is set up by the Parliament for...
Read More

In News The public hearing on the proposed pen memorial for former Chief Minister M. Karunanidhi was marked by disruptions as groups supporting the construction of the monument created a ruckus while opposing views were presented on grounds of environmental damage and loss of livelihoods. Courtesy: Print  About Monument The Pen Memorial pays tribute to...
Read More

In News  The Supreme Court rejected a petition to bar candidates from contesting from more than one constituency in the general or assembly elections. Why has SC rejected the Petition? SC called it a matter of “parliamentary sovereignty” and “political democracy”. The matter squarely falls within the “legislative domain” ( Contesting Elections from 2 Constituencies...
Read More

In News The Jharkhand Governor has returned the Domicile Bill, which defines a ‘local’ in the state to the state government to “seriously review” its legality. About Domicile is a legal concept that links a person to a place with  which he has a personal connection or treats it as his permanent place.it is not...
Read More

In News Recently, The Finance Bill, 2023, unveiled by the Finance Minister has proposed to amend the Section of the Income Tax Act which might affect Start-Ups funding in India. More about the News About: The Finance Bill, 2023 has proposed to amend Section 56(2) VII B of the Income Tax Act. These new age...
Read More