THE INTERIM BUDGET, presented on February 1, has brought to mind Prime Minister Narendra Modi’s words from around a decade ago: “I believe growth should be constant, sustained, and inclusive.” The challenge of meeting the economic and social aspirations of a population of 1.4 billion people, 65% of whom are under the age of 35, is further compounded by the growing urgency of the need to address climate change.
With a Budget that brings focus on climate investments and the green economy, the Finance Minister has steered us in the right direction, underlining India’s commitment to achieving its net zero target by 2070. Shunning populist announcements in favour of fiscal prudence and providing a significant thrust to infrastructure development and building of renewable energy capacity, this pre-election Interim Budget seeks to propel economic growth while ensuring equitable participation and social progress. However, to realise its agenda, India needs to focus on four transformations.
Energy Transition
India plans to meet 50% of its electricity requirements from nonfossil fuel sources. This would entail increasing our current installed renewable capacities from around 181 GW to 500 GW. The Budget commits to viability gap funding (VGF) to set up 1 GW of offshore wind capacity. Offshore wind provides better efficiencies, although at higher costs, and provides a massive opportunity to leverage India’s 7,600 km of coastline. This is expected to attract capital and skills from Europe, which leads the world in offshore capacities and has been vocal in its commitment to collaborate with India in this space.
Bu hikaye Business Today India dergisinin March 03, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today India dergisinin March 03, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky