As the excitement and anticipation for the 2023 Union Budget grew, everyone from the common person to industry leaders awaited its unveiling. At Recykal, we were no exception as we eagerly looked forward to the progress and advancements in the green economy.
And when the moment finally arrived, Smt. Nirmala Sitharaman, the Union Minister of Finance and Corporate Affairs, did not disappoint us. On January 31st, she unveiled the seven Saptarishis in the 2023-2024 union budget and listed “Green Growth” as one of the seven priorities.
The budget allocation for the Ministry of Environment, Forest, and Climate Change has significantly increased from the previous year’s revised estimate of Rs 2,478 crore to the new Budget’s allocation of Rs 3,079.4 crore. Additionally, a separate budget has been earmarked for the National Mission on Natural Farming, with an allocation of Rs 459 crore. Furthermore, the Budget for pollution control has also seen an increase from the previous year’s revised estimate of Rs 600 crore to Rs 756 crore in the latest Budget.
This comprehensive approach to tackling climate change and reducing emissions, in combination with the allocation of significant resources, is a clear indication of the government’s commitment to sustainable development.
What are the focus areas for the “Green Growth” provisions in
the Union Budget 2023?
The 2023 Union Budget is set to positively impact the environment and pave the way for a greener future. The Finance Minister’s budget presentation unveiled a range of measures aimed at promoting “Green Growth,” encompassing support for green fuel, green agriculture, green transportation, green buildings, and green technology.
The government’s commitment to sustainable development is evident in the Budget’s policies aimed at optimizing energy use across various sectors of the economy, reducing the carbon footprint, and creating ample green job opportunities. These initiatives are set to revolutionize how we live, work, and grow.
In addition to promoting clean and renewable energy sources and eco-friendly practices, the Budget also outlined measures for creating an enabling environment for green businesses. This comprehensive approach to tackling climate change, reducing emissions, and promoting cleaner technologies is a step in the right direction toward a greener, cleaner, and more prosperous future.
What were green initiatives highlighted by Ms. Sitharaman in line with the priority of the 2023 Union Budget?
Here is the priority list in the union budget 2023 for green growth:
The Ministry of New and Renewable Energy budget allocation has significantly increased in the 2023-2024 Union Budget, with an increase of over Rs 3,000 crore. The budget estimate has gone from Rs 6,900 crore (and a revised estimate of Rs 7,033 crore) in the previous year to Rs 10,222 crore in the latest Budget. Additionally, the Budget for solar energy central sector schemes has grown from Rs 185 crore in the last fiscal year to Rs 361 crore in the current Budget.
Green Hydrogen Mission:
The National Green Hydrogen Mission leads towards a low-carbon future with a 19,700 crore investment. The mission aims to reduce dependence on fossil fuels and establish the country as a leader in the industry. To reach 5 MMT of production by 2030, the mission promises a greener and brighter future.
The Budget allocates 35,000 crores towards priority capital investments to drive the energy transition and achieve net zero objectives. The Ministry of Petroleum & Natural Gas will play a crucial role in ensuring energy security for the country.
Energy Storage Projects:
Battery Energy Storage Systems with a capacity of 4,000 MWH will be supported to keep the economy on its path to sustainable development. A detailed framework for Pumped Storage Projects will also be created.
Renewable Energy Evacuation:
An inter-state transmission system for evacuation and grid integration of 13 GW of renewable energy from Ladakh will be built with an investment of 20,700 crores and central support of 8,300 crores.
Green Credit Programme:
Encouraging a more environmentally conscious society, the Green Credit Programme will incentivize companies, individuals, and local bodies to take actions that positively impact the environment. This program will be notified under the Environment (Protection) Act, helping to mobilize additional resources for these activities.
The Union Budget 2023 strongly focuses on green growth and sustainability, making it a great opportunity for companies to promote a sustainable future. The Budget includes policies aimed at energy transition and carbon reduction, which align with Recykal’s mission of promoting a circular economy and reducing waste.
Recykal is thrilled to see India’s progress in transitioning from a linear to a circular economy and is eager to see how the measures announced in the Union Budget 2023 will bring India closer to its goal of net zero emissions. We are also committed to promoting sustainable waste management practices and reducing the country’s carbon footprint through our innovative solutions.
“We can make a difference, one waste management solution at a time.” – Recykal.
Know more about our environmentally sustainable solutions .