The Union Budget recently presented by Finance Minister Nirmala Sitharaman has brought a plethora of unexpected changes. These were met with mixed reactions. One of the surprising elements in the 2023 budget is that there is no tax on income up to Rs. 7.5 lakhs a year. Furthermore, the Government is all set to reduce the highest surcharge from 37% to 25% in the new tax regime.
The surprising elements don’t end here. In a bid to reduce the carbon intensity of the Indian economy, a series of measures towards “Green Growth” were also presented on Wednesday in the Union Budget. These efforts are being made to meet the country’s clean energy goals, reduce carbon intensity and provide green job opportunities at scale.
These efforts include initiatives related to green fuels, green mobility, green agriculture, green equipment and green construction. A number of policies related to better and optimal use of energy across many sectors of the economy were also implemented.
Green growth is considered one of the seven outstanding priorities of the year’s budget. India is aiming for zero carbon emissions by 2070.
The seven priority budget areas are:1 Inclusive development 2 Reaching the final mile3 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 conversion:
The budget presented by Finance Minister Nirmala Sitharaman on Wednesday provides Rs 35,000 crores for capital investment prioritizing net zero goals and energy transition. Energy security by the Union Minister of State for Petroleum and Natural Gas is also one of the priorities. The budget is Rs 35,000 crore.
Vehicle replacement:
According to the Finance Minister, replacing old, polluting vehicles is an important step that can green our economy. The Minister has allocated funds to liquidate the Central’s old vehicles. States will also show their support for the scrapping of old State ambulances, along with other old vehicles.
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Green credit program:
This government has a unique approach to promote behavioral change and has therefore announced the Green Credit Programme. The Green Credit Scheme will be a scheme notified under the Environment Protection Act, 1986.
Finance Minister, Nirmala Sitharaman, said that this will encourage environmentally sustainable practices by individuals, companies and local bodies. This will further assist in mobilizing additional resources for activities such as these.
Battery Storage:
In a bid to encourage sustainable development, Finance Minister Nirmala Sitharaman announced Viability Gap Financing (VGF) for battery energy storage systems with a capacity of 4,000 MWh (megawatt hours). Soon, a detailed framework for pumped storage projects will also be developed.
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Source: pagasa.edu.vn