Prime Minister Narendra Modi on Thursday called for investments in the green energy sector, claiming that the potential for renewable energy in the nation is nothing short of a “goldmine”.
India will play a significant role in green energy, and I welcome all stakeholders to invest in India, Modi stated in a webinar on the many announcements made in the Union Budget 2023–24 about green growth.
He claimed that India’s potential for renewable energy sources like solar, wind, and biogas is on par with a goldmine. He claimed that the government is putting a lot of effort into biofuel, and will present many opportunities for investors.
He mentioned how India met its 10% ethanol blend objective five months earlier than expected. Also, he discussed exceeding the aim of 40% non-fossil fuel capacity nine years earlier than expected. He claimed that budgets passed since 2014 have advanced modern reforms in addition to addressing current issues.
India’s National Hydrogen Mission gave a Rs 19,000 crore budget for the private sector with an objective of producing 5 million tonnes of green hydrogen annually.
Additionally, he discussed the Budget’s Rs 3,000 crore provision for vehicle scrapping, and the 3 lakh government vehicles that will be retired after 15 years.
“India must enhance battery storage capacity to 125 gigawatt hours,” he said. “By 2030, India wants to have 500 GW of renewable energy, which is a lofty goal.”