The PHD Chamber of Commerce and Industry has presented a green economy roadmap for India's Union Budget 2024, aligning with the government's plan to transition towards a low-carbon, resource-efficient, and socially inclusive economy
In its pre-budget suggestions for 2024–25, the PHD Chamber of Commerce and Industry (PHDCCI) has recommended a roadmap for enhancing India's green economy. The recommendations are aligned with the steps identified by the Indian government in the Union Budget for 2023–24 for developing a low-carbon, resource-efficient, and socially inclusive economy.
To accelerate India's journey towards sustainability, the government's budget plan emphasises the Green Hydrogen Mission, increasing renewable energy capacity, transitioning to ethanol-blended petrol, and focusing on battery energy storage systems.
India has taken a significant step towards sustainable transport by exempting customs duties on machinery used to produce lithium-ion cells. Initiatives such as PM KUSUM and the GOBARdhan Scheme have been implemented to secure energy for farmers and leverage the potential of biogas.
Furthermore, India's aim to achieve net-zero carbon emissions by 2070 is being supported by the Vehicle Scrappage Policy and PRANAM initiative, which aim to reduce pollution and promote natural farming.
PHDCCI President Sanjeev Agrawal stressed the need to embed environmental sustainability in government decision-making and the significance of green budgeting, which requires government departments to demonstrate their eco-friendly initiatives through environmental budget statements.
PHDCCI has put forward specific recommendations highlighting the importance of addressing data gaps through existing management information systems. It also stresses the need to mobilise finance beyond public funding and launch pilot projects in renewable energy and waste management.
These projects are crucial for showcasing and scaling sustainable technologies. Additionally, PHDCCI emphasises the significance of capacity building in the financial, technical, and institutional sectors.
It calls for a comprehensive understanding of socio-economic transitions, including preparing for urbanisation, adapting to changes in economic structures, and prioritising skill development in sectors crucial for green growth, such as renewable energy, construction, and industry.