Budget 2023: 'Green Growth' among 7 priority sectors for govt

These green growth efforts will help in reducing carbon intensity of the economy and provide for large-scale green job opportunities, Sitharaman said.

Union Finance Minister Nirmala Sitharaman on February 1 said “green growth” will be one of the seven priority sectors (“Saptarishi”) of the Union Budget 2023.

In her Budget speech, she explained that the “green growth” priority sector will include multiple programmes on green fuel, green energy, green farming, green mobility, green buildings and green equipment. This will also include policies for efficient use of energy across various sectors, Sitharaman said.

"These green growth efforts will help in reducing carbon intensity of the economy and provides for large scale green job opportunities," she said.

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The announcement means India will take a multi-pronged strategy to accelerate clean, carbon-free fuels across different sectors of the economy. India has already increased the solar power capacity by almost 20 times in the last eight years and the country now ranks fourth in the world in renewable energy capacity.

In her maiden address to the joint sitting of Parliament marking the beginning of the Budget Session, President Droupadi Murmu had briefly touched on this priority sector by stating that the government is focusing on “green growth” and is emphasizing on connecting the entire world with Mission LiFE.

Prime Minister Narendra Modi had announced Mission LiFE at the climate conference in Glasgow in 2021, urging nations to replace the prevalent ‘use and dispose’ economy with a circular economy defined by mindful and deliberate utilisation.

Also, the announcement is significant because India has resolved to achieve Net Zero by 2070. Net Zero refers to cutting greenhouse gas emissions to as close to zero as possible.

So far, India has achieved the target of making 40 percent of its electricity generation capacity from non-fossil fuel sources.

Gaurav Kedia, Chairman, Indian Biogas Association said, "With the Budget focusing on a ‘green growth’ strategy, it prioritizes the adoption of green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities. The 7 main priorities, referred to as "Saptrishi," aim to drive sustainable and environmentally-friendly economic development."

"The government's commitment to this ‘green growth’ approach is a step towards building a cleaner and more prosperous future for all Indians. This is in the direction of India seeking a leadership role in mitigating the global climate crisis," Kedia said.