Budget 2024 Unveiled: Finance Minister Explores 'Panchamrit' Goals and Their Significance

Finance Minister Nirmala Sitharaman unveils Budget 2024, highlighting India's commitment to 'Panchamrit' goals for sustainable economic growth and environmental practices. Key measures include offshore wind energy funding, coal capacity, and biogas blending, aligning with the 'net-zero' commitment by 2070. The roadmap signifies a significant leap towards a greener and resource-efficient future.

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In a groundbreaking move during the presentation of the interim Budget, Finance Minister Nirmala Sitharaman shed light on the government's unwavering commitment to the 'Panchamrit' goals. The Finance Minister, while elucidating the roadmap, underscored the imperative need for sustaining high and resource-efficient economic growth.

Aligning with the 'Panchamrit' goals, the government aims to foster economic growth that is both sustainable and resource-efficient. Sitharaman emphasized the trifecta of energy security: availability, accessibility, and affordability. These pivotal pillars will form the cornerstone for achieving the 'net-zero' target by 2070, a commitment announced by Prime Minister Narendra Modi at the COP26 climate summit in 2021.

To realize these ambitious goals, a comprehensive set of measures has been outlined. Noteworthy initiatives include providing viability gap funding to tap into offshore wind energy, establishing coal gasification and liquefaction capacity amounting to 100 MT by 2030, introducing phased mandatory blending of compressed biogas with compressed natural gas for transport, and offering financial assistance for biomass aggregation machinery.

The 'Panchamrit' goals, a five-point agenda, entail augmenting non-fossil fuel energy capacity, meeting 50% of energy requirements through renewable sources, reducing overall carbon emissions, diminishing the carbon intensity of the economy, and achieving net-zero emissions by 2070. These goals, announced by Prime Minister Modi, encapsulate India's commitment to fostering sustainable environmental practices.

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In her budget speech, Sitharaman unveiled strategic measures in line with India's 'net-zero' commitment. These encompass providing gap funding to harness offshore wind energy potential, establishing coal gasification and liquefaction capacity, mandating phased blending of compressed biogas with compressed natural gas, and extending financial aid for biomass aggregation machinery. These initiatives aim to bolster the collection of biomass and further expand the electric vehicle ecosystem.