In a significant move towards sustainable development, the central government unveiled a series of measures aimed at promoting green growth and renewable energy during the presentation of the Interim Budget 2024-2025 in Parliament on Thursday.

Finance Minister Nirmala Sitharaman, in her Budget speech, announced a groundbreaking initiative stating, "Through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity every month."

The inspiration for this scheme stems from Prime Minister Narendra Modi's commitment during the historic Pran Pratishta of Ram Mandir in Ayodhya. The government anticipates several benefits from this solarisation initiative, including annual savings of Rs 15,000-18,000 crore for households, charging of electric vehicles, entrepreneurship opportunities, and employment generation for the youth with technical skills.

In line with India's commitment to achieving 'net-zero' by 2070, Sitharaman proposed viability gap funding for harnessing offshore wind energy potential, setting an initial capacity target of one gigawatt. Additionally, plans for coal gasification and liquefaction capacity of 100 MT by 2030 were announced, aimed at reducing imports of natural gas, methanol, and ammonia.

Mandatory blending of Compressed Bio Gas (CBG) in Compressed Natural Gas (CNG) for transport and Piped Natural Gas (PNG) for domestic purposes was proposed, emphasising the government's push towards cleaner energy alternatives.

Sitharaman underscored the importance of expanding the electric vehicle (e-vehicle) ecosystem, stating, "We will support manufacturing and charging infrastructure while encouraging greater adoption of e-buses for public transport networks through a payment security mechanism."

To bolster the green growth agenda, a new scheme of bio-manufacturing and bio-foundry was introduced, focusing on providing environmentally friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs.

"This scheme will also help in transforming today's consumptive manufacturing paradigm to the one based on regenerative principles," Sitharaman added.

Addressing the broader economic outlook, she clarified that the interim budget would cater to financial needs until a new government is formed after the Lok Sabha polls. The interim budget presentation marked a historic moment for Sitharaman, equalling the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964.

The Budget Session of Parliament commenced on Wednesday, and President Droupadi Murmu addressed a joint sitting of Lok Sabha and Rajya Sabha. The Ministry of Finance, in a review report, projected India's economy to grow close to 7 percent in the financial year 2024-25, maintaining its status as the fastest-growing major economy.