With an aim to encourage people to install solar panels on their rooftops, the 2024-25 Interim Budget has provided for a budgetary allocation of Rs 10,000 crores in this sector. This is a massive 110% increase from Rs 4,757 crore allocated towards the solar energy sector in the financial year 2023-2024.
On February 1st 2024, the Union Finance Minister Sitharaman announced this from the floor of the parliament while presenting the interim budget. The Finance Minister also said that the Centre will offer viability gap funding (VGF) for certain wind energy projects, introduce mandatory blending of compressed biogas in natural gas products and strengthen the electric vehicle ecosystem in steps towards India’s commitments to reach net zero carbon emissions by 2070. Soon after the massive budgetary allocation in the solar energy sector, the Government officially launched “PM Surya Ghar: Muft Bijli Yojana.” This scheme is projected to entail an investment of Rs 75,000 crore in India in the coming years.
Prime Minister Modi, while announcing the launch of this renewable energy scheme on social media platform X, reiterated the government’s commitment to providing 300 units of free power to 10 million beneficiary households.
“In order to further sustainable development and people’s well-being, we are launching the PM Surya Ghar: Muft Bijli Yojana. This project, with an investment of over Rs. 75,000 crores, aims to light up 1 crore households by providing up to 300 units of free electricity every month,” he said in a tweet.
Subsidized Electricity from Clean Energy
At a time when installation of smart meters is being severely criticized in J&K and people have to pay huge electricity bills, PM’s Surya Ghar Muft Bijli Yojana will be a game changer in J&K in the coming years. The BJP lead Govt at the Centre seems focussed on free or subsidized electricity.
To popularize this centrally sponsored scheme at the grassroots level, the village Panchayats and municipalities will be incentivized to promote rooftop solar systems in their respective jurisdictions. This scheme according to experts will lead to more massive decrease in the power bills and will also ensure employment generation as well.
“From substantive subsidies, which will be given directly to people’s bank accounts, to heavily concessional bank loans, the Central Government will ensure that there is no cost burden on the people. All stakeholders will be integrated into a National Online Portal which will further convenience,” PM Modi said in another post on X
Rs 18000 annual savings
While presenting the interim budget, the Union Finance Minister Nirmala Sitharaman said that the 10 million beneficiaries of this new scheme would be able to get 300 units of free power through the rooftop solar installations and this would result in an annual saving of Rs15,000-18,0000 per year per family approximately. The Union Finance Secretary T V Somanathan after the presentation of the budget also added that the government has provisioned Rs10,000 crore for rooftop solar in the budget.
The Union Power Minister R K Singh who also holds the charge of New and Renewable on February 2nd last month said the subsidy for rooftop solar installations had been hiked from 40 % to 60% under the new scheme. The Govt of India is planning to implement this scheme through Special Purpose Vehicles (SPVs) established by central public sector enterprises (CPSEs) designated for each state.
India’s national statement at COP 28th
Bhupender Yadav, the Union Minister for Environment, Forest and Climate Change, while presenting India’s national statement at COP 28 in Dubai on December 9th 2023, had said that India has been at the forefront of supporting action-oriented steps at the global level in response to climate change. He told the august gathering that the Prime Minister of India, Narendra Modi gave a call to the world to join Mission LiFE – Lifestyle for Environment which bears testimony to India’s action-oriented approach.
He highlighted the Green Credit Initiative created and the historic pact of adoption of the Green Development Pact by the G20 nations as part of the New Delhi Declaration. Union Minister also while throwing light on the GreenHouse Gas Emissions -GHG said that India has finalized its Third National Communication based on GHG inventory of 2019 along with Initial Adaptation Communication.
“In our endeavour to decouple economic growth from greenhouse gas emissions, India has successfully reduced the emission intensity vis-à-vis its GDP by 33% between 2005 and 2019, thus achieving the initial NDC target for 2030, 11 years ahead of the scheduled time.India has also achieved 40% of electric installed capacity through non fossil fuel sources, nine years ahead of the target for 2030. Between 2017 and 2023, India has added around 100 GW of installed electric capacity, of which around 80% is attributed to non-fossil fuel-based resources”, The Union Minister added.
Green Investment in J&K
Planet earth is facing several challenges like global warming, climate change, loss of biodiversity, deforestation, and pollution. This is more severe in the Himalayan region especially Jammu & Kashmir.
The best investment in J&K is to invest towards sustainable development. As PM Modi is already committed towards clean and green energy and massive budgetary allocations have been made in these sectors especially solar energy, wind energy, compressed biogas – CBG etc. I believe all these sectors have a huge scope in J&K as well as Ladakh. PM Modi must encourage investments in these sectors. Other sectors which will strengthen the green investment in J&K are sustainable agriculture, horticulture, floriculture , dairy , sheep and goat farming etc.
There is a great scope to invest in waste management and sustainable tourism as well. It will create job opportunities in different sectors such as clean energy, green transportation, and sustainable tourism. The growth of this sector will also increase the demand for green jobs and will create opportunities for innovation and entrepreneurship in the sustainability sector. The sustainable agriculture or horticulture practices with least use of pesticides will promote soil health and reduce land degradation. This will also strengthen our biodiversity, wildlife and all our natural ecosystems which are right now under severe threat.
As per the draft Wind Power Policy of Govt, J&K has an installable wind energy potential of 5311 MW at 50m height and 5685 MW at 80m height but not even 5 MW of electricity is generated in J&K from wind. On the contrary , 10,000 MW of electricity is generated from wind in Gujarat and Tamilnadu. Similarly from Dal lake weeds, horticulture and agriculture waste large quantities of compressed biogas -CBG can be manufactured but this option has not been explored. Govt can seek huge investments in electric mobility, setting up eco lodges and setting up organic vegetable and fruit farms
Conclusion
Prime Minister Modi’s slogans like One sun, One world, One grid; One earth, One family, One future has to be transformed into a reality. Infact, by doubling the budgetary allocation towards the solar energy sector and allocating huge funds for setting up compressed biogas plants or increasing electric mobility across India, the Govt has already started fulfilling its commitments.
At a time when Kashmir valley is losing its fertile agricultural land to non-farm activities and our streams are getting over-exploited with mining and some are getting choked with solid and liquid waste, I see a dark future for Kashmir. At this crucial juncture, PM Modi can resolve these issues to help Jammu & Kashmir breathe for many centuries to come.
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