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Budget 2023: Allocation for renewable energy up 48 percent

Feb 01, 2023 / 02:40 PM IST

The Budget 2023 has allocated Rs 297 crore for the first year of the National Green Hydrogen Mission, which was approved by the Union Cabinet in January.

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Union Finance Minister Nirmala Sitharaman on February 1 allocated Rs 10,222 crore toward the renewable energy sector in the Union Budget 2023. The outlay is an increase of 48 percent over last year’s allocation of Rs 6,900.68 crore (budget estimate) and 45.3 percent over the revised estimate (RE) of Rs 7,033 crore.

Announcing "green growth" as one of the seven priority sectors for the government, Sitharaman said, "We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. These green growth efforts help in reducing carbon intensity of the economy and provides for large-scale green job opportunities."

This allocation comes at a time when India has set a target to have an installed capacity of 500 GW by 2030.

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