The budget for FY24 will provide Rs 35,000 crore for priority capital investment towards energy transition and net zero objectives.
The priority sector investment will also aid India's aim of achieving energy security, Finance Minister Nirmala Sitharaman said during the budget speech in Parliament on Feb. 1. In addition to the priority sector investment outlined, the finance minister also highlighted the overall outlay of Rs 19,700 crore for the Green Hydrogen Mission.
A fresh allocation of Rs 297 crore has been made for the mission under the budget unveiled on Feb. 1. The outlay for the mission was first announced in January 2023.
"India is moving forward firmly for the Panchamrit, the net zero carbon emission by 2070," finance minister Nirmala Sitharaman said while announcing the outlay during the budget speech in Parliament on Feb. 1.
The government aims to reach a green hydrogen production capacity of 5 million metric tonnes by 2030, Sitharaman said.
(Updates to correct an earlier version that misstated that the Budget 2023 allocated Rs 19,700 crore for the Green Hydrogen Mission. That's an overall outlay announced in January 2023)
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