Budget 2024 & Sustainability: The interim budget presented on February 1 provides a foretaste of the government's long-term commitment to drive sustainable growth across the socioeconomic spectrum, focused on seven key areas of development or the Saptarishi
In her final budget presentation before the impending elections, Finance Minister Nirmala Seetharaman reeled out a series of proposals for advancing sustainable development, environmental conservation, and inclusive growth. In her budget speech, she spoke about the government’s resolve to push the Saptarishi, a pivotal concept embodying seven key areas of development revolving around green innovation and social welfare.
To unlock India’s massive potential in environment-friendly biogas, the government proposes to set up 500 'waste to wealth' facilities under the GOBARdhan Scheme with an allocation of Rs 10,000 crores. These would include 200 compressed biogas (CBG) units in urban areas and 300 community-based plants.
To promote circular economy practices, the budget proposes a 5 percent CBG mandate for organisations engaged in marketing natural and biogas. Additionally, the budget commits fiscal support for biomass collection and bio-manure distribution, signalling a holistic approach to sustainable waste management.
With a substantial outlay of Rs 19,700 crores, the budget aims to bolster Green Growth and the National Green Hydrogen Mission, aspiring to produce 5 million metric tonnes (MMT) of green hydrogen annually by 2030 to fuel India’s transition to clean and renewable energy sources.
Among the other measures proposed in the budget to help the country achieve its net zero emission and decarbonisation goals are a substantial allocation of Rs 35,000 crore for priority capital investments and viability gap funding for battery energy storage systems with a capacity of 4,000 MWH.
Ladakh's renewable energy potential is set to be harnessed with an inter-state transmission system, facilitating the evacuation and grid integration of 13 GW of renewable energy. The centre will support this pathbreaking Rs-20,700-crore initiative with an allocation of Rs 8,300 crore.
The Pradhan Mantri Awas Yojana, focused on addressing housing needs and ensuring affordable living for all, is set to get Rs 79,000 crores, a massive 66 percent increase over the previous year.
Building on the success of the Aspirational Districts Programme, the government proposes to launch the Aspirational Blocks Programme, covering 500 blocks. This initiative aims to saturate these blocks with essential government services, spanning health, nutrition, education, agriculture, water resources, financial inclusion, skill development, and basic infrastructure.
In a significant step for the welfare of the most vulnerable tribal groups, the Finance Minister has provisioned Rs 15,000 crore for the Pradhan Mantri PVTG Development Mission. This initiative aims to uplift PVTG families by providing them with basic facilities such as safe housing, clean drinking water, sanitation, education, healthcare, road and telecom connectivity, and sustainable livelihood opportunities.
The education sector, too, has received a significant allocation to support the proposed recruitment of 38,800 teachers and support staff for the 740 Eklavya Model Residential Schools over the next three years. This move is poised to benefit 3.5 lakh tribal students, ensuring them access to quality education.
For the economic empowerment of women, the government proposes to build on the gains of the Deendayal Antyodaya Yojana, or the National Rural Livelihood Mission, which has organised rural women into 81 lakh self-help groups. These mobilised groups will now be empowered to form larger producer enterprises, or collectives. This will not only bolster their incomes but also improve their overall economic and social status.
In a historic move, the budget proposes to initiate the PM Vishwakarma Kaushal Samman (PM VIKAS) scheme to support traditional artisans and craftspeople. This ground-breaking step encompasses financial assistance, advanced skill training, knowledge of digital techniques, brand promotion, and social security, with a particular focus on Scheduled Castes, Scheduled Tribes, OBCs, women, and weaker sections.
With its emphasis on sustainable practices, inclusive growth, and social well-being, the interim budget serves as a good indicator of the future policy direction of the BJP government should it retain office post-elections.