To accelerate India’s journey towards sustainability, the government’s budget plan emphasises the Green Hydrogen Mission, increasing renewable energy capacity, transitioning to ethanol-blended petrol, and focusing on battery energy storage systems

In its pre-budget proposals for the fiscal year 2024–25, the PHD Chamber of Commerce and Industry (PHDCCI) has outlined a strategic roadmap to bolster India’s green economy. Aligned with the government’s directives laid out in the Union Budget for 2023–24, the recommendations focus on fostering a low-carbon, resource-efficient, and socially inclusive economic landscape.

To expedite India’s progress towards sustainability, the government’s budget blueprint underscores key initiatives, including the Green Hydrogen Mission, augmentation of renewable energy capacity, adoption of ethanol-blended petrol, and the promotion of battery energy storage systems.

A pivotal move towards sustainable transportation involves the waiver of customs duties on machinery used in the production of lithium-ion cells. Complementary efforts, such as the PM KUSUM and GOBARdhan Scheme, have been implemented to ensure energy security for farmers and harness the potential of biogas.

In line with India’s commitment to achieving net-zero carbon emissions by 2070, the Vehicle Scrappage Policy and PRANAM initiative have been introduced to curtail pollution and encourage natural farming practices.

Sanjeev Agrawal, President of PHDCCI, underscores the imperative of integrating environmental sustainability into governmental decision-making. He highlights the significance of green budgeting, which mandates government departments to substantiate their eco-friendly endeavors through environmental budget statements.

PHDCCI’s specific recommendations underscore the need to address data gaps through existing management information systems and advocate for mobilizing finances beyond public funding. The chamber urges the launch of pilot projects in renewable energy and waste management, considering them crucial for showcasing and scaling sustainable technologies.

Additionally, PHDCCI stresses the importance of capacity building in financial, technical, and institutional sectors. It advocates for a comprehensive understanding of socio-economic transitions, encompassing preparations for urbanization, adaptation to changes in economic structures, and prioritization of skill development in sectors critical for green growth, such as renewable energy, construction, and industry. The recommendations collectively paint a holistic picture of fostering a resilient and environmentally conscious economy.