Prime Minister Narendra Modi said on February 6 that a substantial portion of the funds allocated under infrastructure capital expenditure will be used for the energy sector.
Inaugurating the Energy Week 2024 in Goa, Modi reiterated that by 2070, "we want to achieve net zero emissions target”, adding India would soon become the production and export centre for green hydrogen.
Green hydrogen refers to the hydrogen generated from electrolysis of water, with the entire process run on renewable energy. Green hydrogen has the potential to be the enabler of transition to sustainable energy.
In the industry, the colour is assigned based on the source of electricity that is used to generate the hydrogen molecule. Brown hydrogen is for coal, grey for natural gas and blue if it is produced from natural gas with a process of steam methane reforming.
"Amidst the increasing energy demand, India is also ensuring affordable energy in every corner of the country. India is a country where despite many global factors, the prices of petrol and diesel have come down in the last two years," Modi said while addressing Viksit Bharat, Viksit Goa 2047 session as part of the Energy Week programme.
The Prime Minister said India had achieved 100 percent electricity coverage. Electricity had been provided to crores of homes and the country was making its presence felt in the energy sector on the world stage.
“India is building a modern infrastructure of the 21st century, we are working on the infrastructure-building mission, in this financial year we are investing about Rs 10 lakh crore on infrastructure," Modi said.
On February 1, Finance Minister Nirmala Sitharaman, in her interim Budget announced a capex of Rs 11.1 lakh crore for FY25, an increase of 11.1 percent from the previous year.
The Centre's capital expenditure as a percentage of GDP, which rose to 3.3 percent in 2023-2024, is estimated at 3.4 percent in the next financial year.
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