PM Modi Exhorts Investors In Private Sector To Join India’s Green Growth

In his first formal address after the Union Budget on February 1, Prime Minister Narendra Modi made a spirited pitch for private sector participation and the many startup opportunities in India’s green growth push.

“Every budget since 2014 has followed a consistent pattern. The push for green growth and clean energy has been built around tree key pillars. Increasing the production of renewable energy, reducing use of fossil fuels, and third, to build a gas based economy in the country”, said Modi.

He added that it was this core strategy of the government that has led to multiple initiatives like Ethanol blending, PMKUSUM , PLI for Solar manufacturing, Rooftop solar subsidy scheme, Coal gasification, Battery storage , besides other announcements made this year

“This year we have launched green credit scheme, or the PM Pranam yojana for farmers, villages have the Gobardhan yojana that targets 500 Biogas plants with support of Rs 10,000 crores, even as the vehicle scrapping scheme for urban areas has been strengthened with a Rs 3000 crore allocation”.

Modi stressed that be it Green hydrogen or  wetlands conservation, all have got equal focus under his government/s.

Highlighting how India has created an opportunity for every type of green investor and startups today, Modi pointed out that among the larger economies today, post 2014, India has emerged as the fastest in terms of adding renewable energy capacity as a share of total capacity. “Our track record is a testament to our focus and commitment. Be it the target of achieving the target of 40% electricity capacity from renewable energy, or the target of blending petrol with 10% ethanol, 5 months ahead of schedule. the target for 20% blending has also been brought forward from 2030 to 2026 now”, he added.

According to the PM, “the potential for biogas, solar, wind, battery storage, is no less than a goldmine or an oil field for the private sector in India today”.

Highlighting how the target of 5 MMTPA of green hydrogen by 2030 is being backed with a Rs 19,000 crore package for green hydrogen that will support Electrolyser manufacturing, Green steel, fuel cells for long haul transportation, he backed the private sector to step in and take advantage.

Modi pointed out his government’s commitment to ensuring targets set by the country were met, and promised full support for the push to 500 GW of renewable energy capacity, or the 125 GWh battery storage target by 2030.