India's potential in green energy no less than goldmine: PM

Tribune News Service

New Delhi, February 23

Prime Minister Narendra Modi on Thursday invited global investments in the green energy sector, stressing India’s potential in renewable energy such as wind, solar and biogas is no less than a “goldmine or oil field”.

Addressing a webinar on various announcements made in the Union Budget 2023-24 on green growth, Modi said, “This Budget is not only an opportunity, but it also gives the guarantee of our future security.”

Opportunities for pvt sector

India doesn’t have a shortage of agri-waste. Therefore, the private sector should not miss the opportunity to establish ethanol plants in every nook and corner of the country. —Narendra Modi, Prime Minister

“India doesn’t have a shortage of agri-waste. Therefore, the private sector should not miss the opportunity to establish ethanol plants in every nook and corner of the country,” he said.

Modi noted that India holds the potential of producing 10,000 million cubic metres of biogas from cow dung. About 1.5 lakh cubic meter gas could be produced from agricultural residue that could contribute up to eight per cent to gas distribution in cities, claimed the PM Modi.

“India has planned to build 500 new plants. These will not be old-fashioned plants. The government will spend Rs 10,000 crore on modern plants,” the PM said, adding the government was offering attractive incentives for producing compressed biogas from agri-waste and municipal solid waste.

Modi addressed the post-Budget webinar on green growth on Thursday, which is the first of a series of 12 post-Budget webinars, organised by the government to seek ideas and suggestions for the effective implementation of the initiatives announced in the Union Budget 2023.

The PM further said, “Among major world economies, India has been the fastest when it comes to renewable energy capacity addition. India’s track record has already shown that it can achieve objectives in time.”

Calling the vehicle scrapping a huge market, Modi said around 3 lakh vehicles owned by Central and state governments — which are older than 15 years, including police vehicles, ambulances and buses — would be scrapped this year.

He said that India’s vehicle scrapping policy was a crucial part of the green growth strategy. “The government has already made a provision of Rs 3,000 crore in this year’s Budget to scrap old vehicles,” he added.

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