‘MISHTI, PM PRANAM’: What these Budget speech acronyms stand for

Finance Minister Nirmala Sitharaman presented her fifth Budget this year.

Whether it is UDAN (Ude Desh ka Aam Naagrik) or PMJAY (Pradhan Mantri Jan Arogya Yojana), the BJP government is known to coin acronyms to announce its policies. Finance Minister Nirmala Sitharaman introduced some new ones during her Budget 2023 speech. Here is a look at them:

MISHTI

The finance minister announced an initiative to build on India's afforestation efforts. It will be known as the "Mangrove Initiative for Shoreline Habitats and Tangible Incomes" or MISHTI. Under this initiative, mangroves will be planted in coastal areas and on salt pans.

GOBARdhan scheme

GOBARdhan stands for "Galvanizing Organic Bio-Agro Resources Dhan" -- an initiative to tap into the wealth of environmental-friendly energy sources.

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Under the scheme, the government will establish 500 new "waste to wealth" plants, with a total investment of Rs 10,000 crore.

PM-PRANAM

This is another green project announced by Sitharaman during the Budget 2023 speech. PM PRANAM -- Programme for Restoration, Awareness, Nourishment and Amelioration of Mother Earth -- will encourage states to use alternative fertilisers and balanced the use of chemical ones.

Green growth is one of the core focus areas of the government, Sitharaman said while reading out her Budget speech.

One important part of making the economy would be replacing old vehicles that cause pollution, the finance minister said.

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Sitharaman spoke of how programmes for green growth were being implemented across various sectors.

She said the recently-unveiled Green Hydrogen Mission will help will India reduce carbon intensity and dependence on fossil fuel imports.

"Our target is to reach an annual production of 5 MMT (million metric tons) by 2030" the finance minister announced . "This Budget provides for Rs 35,000 crore capital investment towards energy transition and net zero objective and energy security by the Ministry of Petroleum and Natural Gas."

In Budget 2023, the Central government has allocated Rs 10,222 crore towards the renewable energy sector. That marks an increase of 48 percent compared to last year.