The Union Budget recently presented by Finance Minister Nirmala Sitharaman has featured a myriad of unexpected changes. These have received mixed reactions. One of the surprising elements of the 2023 budget is that there is no tax on income up to Rs. 7.5 lakh a year. Furthermore, the Government is willing to reduce the highest surcharge rate from 37% to 25% in the new tax regime.
The surprising elements don’t end here. In the quest to lower the carbon intensity of the Indian economy, a series of measures towards ‘Green Growth’ were also presented in the Union Budget on Wednesday. It seeks to meet the country’s clean energy goals, reduce carbon intensity and provide large-scale green employment opportunities.
These attempts consist of initiatives related to green fuels, green mobility, green agriculture, green equipment and green buildings. Certain policies related to the best and optimal use of energy in multiple sectors of the economy are also implemented.
Green growth is considered one of the seven highlighted priorities of the year’s budget. India is moving towards net-zero carbon emissions by 2070.
Seven priority areas of the budget are: 1 Inclusive development, 2 Reaching the last mile, 3 Infrastructure investment, 4 Unleashing potential, 5 Green growth, 6 Youth, 7 Financial sector@nsitharaman #AmritKaalBudget #Budget2023 pic.twitter.com/BvjafCIwom
– All India Radio News (@airnewsalerts)
February 1, 2023
Let’s talk about all these green initiatives:
Energy Transition:
The budget presented on Wednesday by Finance Minister Nirmala Sitharaman offers Rs 35,000 crore for priority capital investments for net zero targets and energy transition. Energy security of the Union Minister of Petroleum and Natural Gas is also one of the priorities. The outlay is Rs 35,000 million.
Vehicle Replacement:
Replacing old and polluting vehicles, according to the Finance Minister, is a crucial step that can make our economy greener. The Minister has allocated funds to dispose of old Central Government vehicles. The states will also support the retirement of old state ambulances and other old vehicles.
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Green Credit Program:
The government has been unique in its approach this time to promote behavioral changes and that is why it has announced the Green Credit Programme. The Green Credit Scheme will be a notified scheme under the umbrella of the Environment Protection Act, 1986.
Finance Minister Nirmala Sitharaman said this would incentivize sustainable measures towards the environment by individuals, businesses and local bodies. This will further help mobilize additional resources for activities like these.
Battery storage:
In a bid to encourage sustainable development, Finance Minister Nirmala Sitharaman declared Viability Gap Funding (VGF) for battery energy storage systems with a capacity of 4,000 MWh (megawatt hours). A well-detailed framework for pumped storage projects will also be formulated soon.
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Source: ptivs2.edu.vn