Prime Minister Narendra Modi on Monday inaugurated the India Energy Week 2023 in Bengaluru. While delivering his inauguration speech, he said, "India is taking the lead in the global green hydrogen space. In the next 5 years, we will replace gray with green hydrogen to increase its share to 25%."
Budget focus on Green Energy
During his speech, PM Narendra Modi said that Rs 10 lakh crore of capital expenditure that was allocated in the Union Budget for 2023–24 will boost the green hydrogen, solar power, and road sectors. He also added that the consolidated budget is a motivation for the green energy transition plan.
This year’s budget for the Ministry of New and Renewable Energy has been increased by over Rs 3,000 crore. It rose to Rs 10,222 crore in this budget in comparison to Rs 6,900 crore last year. The budget of solar energy central sector schemes has also been increased to Rs 361 crore.
Finance Minister Nirmala Sitharaman during the budget speech in the Parliament said, “The recently launched National Green Hydrogen Mission, with an outlay of Rs 19,700 crore, will facilitate the transition of the economy to low carbon intensity, reduce dependence on fossil fuel imports, and make the country assume technology and market leadership in this sunrise sector,” Sitaraman said. She also said that the target of annual production by 2030 would be 5 MMT by 2030.
PM Modi also said that with the help of National green hydrogen mission the country can move in a new direction. He also urged companies to increase participation in fossil fuel exploration.
He also claimed that India's gas pipeline network will expand to 35,000 km in the next four to five years from its present 22,000 km.
Recycled uniforms from polyster
He also applauded the uniforms from recycled polyester initiative by Indian Oil. This 'unbottled' initiative recycles 28 recyclable bottles to make one uniform. These uniforms will be made with a mixture of recycled polyester and cotton, which will be given to those who deliver cooking gas cylinders or the attendants at petrol pumps.
What else will the Prime Minister inaugurate during the event?
During the event, the Prime Minister, will also flag off a "Green Mobility Rally" that will have vehicles running on green energy resources. He is also expected to inaugurate the HAL helicopter factory and PSU's indoor solar cooking system.
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