Energy budget 2023-2024 (A roadmap for green energy transition in India is all set)

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In the budget session of 2023-2024, the Indian Govt has encouraged the growth of green energy and green hydrogen in India. A sum of INR 35000 crore has been announced for the green energy transition to meet the Panchamrit goal of 2070 net zero carbon emissions. It means we could see more policies incentives and schemes under the green energy sector. Majorly solar and wind would be eye-catching sources for green energy investments. To encourage the other RE sources, the govt has bought the Gobardhan scheme in which 10,000 crore will be provided to set up 200 biogas and 300 cluster-based plants. The govt has targeted to support 4,000-megawatt hours of battery storage capacity via viability gap funding. It means BESS (Battery Energy Storage System) could establish a good market with technology upgradation in India and the demand for Fossil fuel-based power backups will be reduced. Govt has also targeted 5MMT (Million Metric Tonnes) of green hydrogen production till 2030 with an investment of INR 19700 crore. Top states producing green hydrogens such as  Karnataka, Odisha, Gujarat, Rajasthan, and Maharashtra may be the investment points.