A Review of Indian Economy; Growing Over 7% -Plus And $5 Trillion by 2027

A Review of Indian Economy; Growing Over 7% -Plus And $5 Trillion by 2027 [Credit-Only IAS]

The Ministry of Finance published a report titled 'The Indian Economy- A Review' that said the Indian economy is likely to grow at over 7% and is expected to have a GDP of $5 trillion in the next three years.

The report was prepared by the Office of the Chief Economic Adviser, which expected the Indian economy to be the third-largest economy in the world in the next three years.

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The Indian Economy's Review by Chief Economic Advisor:

Chief Economic Adviser V Anantha Nageswaran said it now appears that the Indian economy will achieve a growth rate at or above 7% for FY24, and some predict it will attain another year of 7% real growth in FY25 as well.

Mr. Nageswaran is hopeful that if the prognosis of FY 25 turns out to be, it will mark the fourth year post-pandemic that the Indian economy will have grown at or above 7%. It would be an impressive achievement, testifying to the resilience and potential of the Indian economy. It will augur well for the future also.

Chief Economic Adviser V Anantha Nageswaran [Credit-CNBC-TV18]

He clarified that this is not the Economic Survey of India prepared by the Department of Economic Affairs. That will come before the annual Budget after the general elections. 

Generally, the Economic Survey for the ongoing financial year is presented in Parliament just a day before the Budget for the next financial year on February 1.

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Risks of Indian Economy in The Review Report:

The Review report highlighted the only elevated risk of geopolitical conflicts as an area of concern. As per the report, the global economy is struggling to maintain its recovery after Covid-19.

The Review report mentioned the successive shocks that have buffeted the economy, like supply chain disruptions. If these traits persist they will impact trade flows, transportation costs, economic output, and inflation worldwide.

The emergence of Artificial Intelligence and its use of vast scale will pose profound and troubling questions for growth in services trade and employment. He said the technology might remove the advantage of cost competitiveness that countries exporting digital services enjoy.

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The Halt-Generating Trends at The Global Level:

 

The Chief Economic Adviser also listed three trends for the coming year. These are the end of the era of hyper-globalization in global manufacturing, the advent of Artificial Intelligence, and the energy transition challenge.

He added that there is a need to lower logistics costs and more investment in product quality. Those areas should be held on to and expand market share where India has an advantage.

The Halt-Generating Trends at The Global Level [Credit-ETV Bharat]

Highlighting the era of hyper-globalization, which is over in global manufacturing. It does not mean that de-globalization will be upon us anytime soon. Now, Countries are discovering the enormous integration of global supply chains that has taken place in the past few decades. 

So, the alternative for the global supply chain will take a much longer time. This time-consuming process cannot deter Governments from pursuing onshoring and friend-shoring of production with a consequent impact on transportation, logistics costs, and prices of products finally.

In the Energy sector, there are challenges at the transition level. Concerns over the rising temperatures have led to a single-minded focus on reducing carbon emissions. 

There has been a persistent demand from international organizations and advanced nations for developing nations to wean themselves off fossil fuels. However, the technological and resource obstacles remained and are not offered by developed countries but pressing to switch to greener energy.

The review report mentioned that it is a reality, and in the short run, there is a trade-off between economic growth and energy transition. Countries can ill-afford to sacrifice economic growth for energy transition due to the global challenges of the post-COVID era.

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Indian Economy on The Right Track:

India is walking the fine line between the two more skillfully than developed or other nations. By installing non-fossil fuel-based power generation capacity running ahead of targets, the report added.

Due to firm policy adaptation and implementation in the last decade, the Indian economy is better placed than ever to take on three key challenges. The historically unprecedented rate of infrastructure built by the Union government has taken the overall public sector capital investment from Rs. 5.6 lakh crore in FY15 to Rs. 18 lakh crore in FY24.

As per the FY24 budget, that rise is approximately 3.3X. The infrastructure, whether physical or digital, the total length of highways, freight corridors, number of airports, metro rail networks, the trans-sea link, and the ramp-up of physical or digital payment systems has shown real, tangible, and transformative progress in the last ten years.

Indian Economy on The Right Track [Credit-PGurus]

The financial sector is also presenting a healthy front. Its balance sheet is much stronger, so it is lending and willing to lend. He presents data that non-food credit growth, excluding personal loans, is growing at double-digit rates.

The pursuance of inclusive development finds Indian households in good financial conditions. 51 crore bank accounts under Jan Dhan Yojana now have total deposits of over Rs. 2.1 lakh crore and more than 55% of them are women.

The review report also singled out two other significant achievements. The management of COVID-19 and the record vaccination. These are being instrumental in the quick recovery of the economy. 

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In a similar way, the deft management of the crude oil supply at reasonable prices in the last two years is noteworthy. Humans are incapable of appreciating these unseen measures like the mistakes not made and the risks avoided. You can find counterfactuals all around.

The government is resolving longstanding problems like deficient physical infrastructure and financial exclusion, aspirations rise, and expectations shift higher.

Mr. Nageswaran said today that many young Indians not only aspire to a better life but are also confident that it will happen in their lifetime. The current generation feels that they have a better life than their previous generations and will succeed and do better than them. Now Indians do India does.

Thanks and Regards 

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India Signed MoU on Semiconductors With European Commission

India signed a Memorandum of Understanding on semiconductors with the European Commission in a rapidly growing technological alliance in the semiconductors industry. Earlier India signed such agreements with the US and Japan.

India signs MoU with EU on Semiconductors [Credit-HT Tech]

External Affairs Minister S Jaishankar, Minister for Electronics and IT, and Minister of Commerce Ashwini Vaishnaw along with EU's Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova convened the meeting.

The meeting convened to assess the progress achieved under the EU-India Trade and Technology Council [TTC]. The [TTC] Council set the groundwork for upcoming Ministerial discussions.

India Signed Semiconductors MoU With The European Commission:

At the TTC meeting, the pivotal agreement was signed. Indian Union Minister Ashwini Vaishnaw and Thierry Breton, Commissioner for Internal Market, focused on outlining a strategic roadmap for collaborative efforts between the EU and India.

 

India signs MoU with EU on Semiconductors

However, the primary focus of this agreement will be establishing resilient semiconductor supply chains and fostering joint innovation endeavors. The following are key objectives that signal a shared commitment.

• Both parties will exchange insights, best practices, and information regarding semiconductor ecosystems.

• Will identify collaborative research, development, and innovation opportunities among universities, research organizations, and businesses.

• Will promote skill development, talent acquisition, and workforce enhancement within the semiconductor industry through workshops, partnerships, and direct investments.

• It will ensure fair competition within the sector by sharing information on allocated public subsidies.

The agreement shows that both parties maintain regular dialogues and present updates under the TTC framework. There will be another TTC Ministerial meeting likely in early 2024 in India anticipates the importance and further advancements in their collaborative efforts.

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India Signed MoUs With America and Japan Earlier:

In March 2023, during a commercial dialogue held in New Delhi, India inked an MoU with the US to focus on forging a semiconductor supply chain and innovation partnership. The MoU was signed by Union Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo.

The aim of the agreement is to bolster semiconductor supply chain resilience and diversification. This initiative also aligns with India's Semiconductor Mission and the US's CHIPS and Science Act.

India signs MoU with Japan on Semiconductor [Credit-HT]

In a similar step in July 2023, Union Minister Ashwini Vaishaw signed an agreement with Japan's Minister of Economy, Trade and Industry Nishimura Yasutoshi. The agreement aims to develop a semiconductor ecosystem, focusing on manufacturing, design, research, talent, and supply chain developments.

India is growing as a trusted partner among developed as well as developing countries. The current trend of semiconductor industry agreements shows that the Indian market will be more integrated with the world in the future.

Thanks and Regards

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Novak Djokovic's Historical Leap of 24 Grand Slam Single Titles

Undeniable Greatness; Novak Djokovic Historic Leap in Tennis:

Novak Djokovic, at 36-age, won the 24th Grand Slam of his life. Novak made history by beating Danial Medvedev in straight sets in the USA Open final on September 10, 2023, Sunday.

Novak Djokovic [Credit-X]

The Serbian-origin Tennis Star [Legend] Novak Djokovic reached the top by defeating stars like Rafael Nadal and Roger Federer. The sports media and NEWS centers worldwide have highlighted the event once again. Tennis fans, especially Djokovic club, are thrilled with the news and celebrated globally.

This article brings some of the most important reminders and enthusiastic tournament moments of the Legendary player. 

Major grand slam titles in Djokovic crown:

First, let us recall the History of the overall Grand Slams win. So far, Djokovic has major championships — 10 at the Australian Open, seven at Wimbledon, four at the USA Open, and three at the French Open.

Novak Djokovic [Credit-X]

The US Open 2023 championship added to Djokovic record for the most Grand Slam major singles tennis championships won by a man. Rafael Nadal is next with 22, and Roger Federer, who announced his retirement last year, has 20.

Djokovic also broke a tie with Serena Williams for the most in the Open era since its inception in 1968. Margaret Court, like Novak, won 24 titles, but some of hers were earned during the Tennis Amateur era.

Major Achievements in Novak Djokovic's Journey:

1). Novak became the first player other than Federer to defeat Nadal in a Grand Slam final. He also replaced Nadal at No. 1 in the rankings. According to Novak,

“This is what I’m made for: I want to win. I’m a professional. I want to win more majors and more titles. Obviously, the U.S. Open is the next big thing.”

2). Djokovic also has jewels in his crown as the first man with three consecutive Australian Open titles in the Open era and completed a career Grand Slam and became the first man after Laver since 1969 to win four consecutive major titles.

Novak Djokovic [Credit-X]

3). Novak pulled even with his idol, Pete Sampras, at 14 major titles, which was a memorable moment for him and his fans. 

4). Novak eliminated Nadal in the semifinals — becoming the only man to defeat Nadal twice at Roland Garros — then erased a two-set deficit in the final. 

5). Djokovic broke his tie with Nadal at 22 majors and became the first man to have won at least three titles at each Slam event. What Novak Said after wining the title “It’s not a coincidence that I won the 23rd Grand Slam here in Paris, because this tournament was the hardest one for me to win every day of my career.”

Novak's Controversy During Covid:

However, Novac was criticized for his inaction during covid-19 pandemic. A year after being deported from Australia because he was not vaccinated against COVID-19, Djokovic faced a bad hamstring and off-court hubbub even from his father's side.

Finally, at 36, Djokovic became the oldest man to win the U.S. Open. He alarmed the next generation of Tennis players that it is challenging to surpass his easy way.

Novak Djokovic [Credit-X]

As per the Novak words “I never imagined that I would be here standing with you, talking about 24 Slams. I never thought that that would be the reality.” As per the Tennis Championship records, Novak has created the history and fans are thrilled with their Star’s achievements. 

Thanks and Regards.

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Pradhan Mantri Suryodaya Yojana and The ABCD of Solar Energy in India

Pradhan Mantri Suryodaya Yojana and The ABCD of Solar Energy in India [Credit-SYR]

In the last decade, Indian households have shown interest in green energy solutions that have led to increased awareness of solar rooftop panels. However, the country's progress on this front could not be counted as stellar, with only 7-8 lakh households currently powered by solar energy.

The announcement of Pradhan Mantri Suryodaya Yojana [PMSY] by PM Modi on January 22 might grace the installation of solar rooftop panels. The PMSY scheme will cover 10 million households and bring them under the solar energy umbrella.

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Reasons for Lacking of Rooftop Solar [RTS] Capacity:

According to sources, since 2016, Rooftop solar [RTS] capacity in India has grown to 2.7 gigawatts [GW]. The Ministry of New and Renewable Energy [MNRE] rolled out the Second Phase of the Rooftop Solar Programme in 2019 to achieve 40 GW of solar power.

With the launch of Pradhan Mantri Suryodaya Yojana [PMSY], more people will adopt solar energy and could see an acceleration in the future. According to Vikas Agarwal, Co-founder and CBO of Credit Fair, The RTS adoption did not gain the desired momentum for two reasons.

Reasons for Lacking of Rooftop Solar [RTS] Capacity [Credit-SPS Ltd.]

One is the unawareness among people, and the second is the unavailability of easy RTS finance. With the launch of PMSY, we are hopeful that with government support, the RTS demand and adoption will increase in the coming years.

Mr. Vikas shared the details of his company 'Credit Fair,' a consumer lending fintech start-up that offers personal loans to set up RTS units at an interest rate of 8-10% and no-cost EMIs. 

The company has contributed to installing panels in more than 2000 households by the day. Currently, around 7-8 lakh houses have the RTS facility. After the launch of PMSY, as per the GOI and PM Modi's vision, we are determined to contribute 1 million of residential rooftop solar across the country in the next 5 years.

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Costs Per Unit to Install Rooftop Solar [RTS]:

Commonly called RTS panels are known as Photovoltaic panels. These panels are installed on the roofs of buildings and connected to the 'main' power supply unit. The RTS installation reduces reliance on grid-connected electricity and saves costs for consumers.

There are two major expenses for installing an RTS unit, the initial capital investment and the maintenance costs. The cost can range from Rs. 2.20 lakh to Rs. 3.5 lakh for a house with an average of 3-5 KW capacity.

Mr. Agrawal added that this cost can be managed through manageable EMIs of around Rs. 4000-5000 per month. It might be equivalent to their monthly electricity bills.

Costs Per Unit to Install Rooftop Solar [RTS] [Credit-Renew. India]

With easy financing through Credit Fair, the consumer can pay an easy EMI of around Rs. 5000/ month. We have tried to maintain EMI equal to their electricity bills, so there is no additional burden of EMI on them.

Navitas Solar, another RTS Firm, stated that the average electricity consumption per month for a 3 KW solar plant is 360 Units or kWH. A 3 kWh Solar Plant would require approximately 300 sq ft of shadow-free space for its installation.

Hence, total yearly savings from a 3 kW RTS panel would be Rs. 30,240. A 3 kW solar system generally costs around Rs. 1,22, 979 without the government subsidy. For a residential RTS, a 40% subsidy is provided by the government.

So with the govt-subsidy, the same RTS system will cost around Rs. 73,787. It also includes several other factors like increasing grid electricity tariff rates, availability of financial incentives, net metering, and ease of installation with EPC that affect the payback period. The payback period for the RTS system is 2-3 years.

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Other Benefits of RTS Energy System:

However, the payback period for the RTS system is 2-3 years. The whole process is made more financially sound via the Net Metering concept. In a Net Metering process, any surplus energy generated by the solar panels is redirected back into the grid.

The Net Metering System enhances the earning users' credits to offset future utility bills. It substantially reduces overall electricity bills by balancing the contributed and consumed procedures.

The government is also offering subsidies to ease the RTS installation cost. Homeowners and housing societies can receive Rs. 9000-18000 per kW for installing RTS up to 10 kW under the RTS Program Phase-2. 

Rooftop Solar System Capacity	Applicable Subsidy (₹)
Up to 3kW	18,000/kW
Above 3kW and up to 10kW	9,000/kW*
Above 10kW	1,17,000**
Note: *Rs.18,000/kW for the first 3 kW and Rs.9,000/kW for the rest of the capacity up to 10 kW. *-The subsidy amount is fixed for rooftop solar systems above 10kW capacity.

Many other institutions, like Digital Lender, are facilitating the RTS installation process by partnering with local installers and ensuring quick, easy loan disbursal.

Other Benefits of RTS Energy System [Credit-ABP News]

These RTS installation programs also have a significant environmental impact. It may curtail 13,000+ tons of carbon emissions, which is equivalent to planting over 5 lakh trees. They have also saved around Rs. 12 crore in yearly electricity costs, supporting the economy's parameters.

The government has set a target of 40 GW of annual solar power generation for the next 5 years. By 2030, the government will reach a 500 GW non-fossil fuel capacity.

Thanks and Regards

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The Iconic Role of Monkeys in Ram Mandir Movement and Inauguration

The Iconic Monkey Image on Atop The Dome on 30 October 1990 [Credit-India Today]

Validation of a direct connection between Ram Mandir and Monkeys has been proved by many pictures, photo images, journalists, and authoritative personnel. Indians and the Hindu community worldwide will never forget the day of 30 October 1990.

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The Iconic Monkey Image on Atop The Dome on 30 October 1990:

It was October 30, 1990, an iconic photo from that 'Historic Day' of the Ram Mandir movement has returned to our collective memory as the country prepares for the 'Pran Pratishtha' [Consecration] ceremony of Lord Ram's idol at Ayodhya on January 22.

On that day, around 28,000 Uttar Pradesh Armed Constabulary personnel were deployed in Ayodhya. The deployment was to thwart the Ram Mandir 'Kar Seva' organized by the Vishwa Hindu Parishad [VHP].

It was the security 'Bandobast' by then Uttar Pradesh Chief Minister Mulayam Singh Yadav who boasted self "Ayodhya mein parinda bhi par nahi maar sakta". The entire road to the Babri Masjid was barricaded with heavily armed khaki-clad men.

During the struggle between the security personnel and the karsevaks, a sadhu who knew how to drive a bus jumped onto the seat and started driving towards Babri Masjid. The police bus was used to detain karsevaks.

Swami Vigyanand, Joint General Secretary of the Vishva Hindu Parishad [VHP] called it a 'watershed moment' when the sadhu plowed through the barricades and opened the road for thousands of karsevaks.

Swami Vigyanand, Joint General Secretary of the Vishva Hindu Parishad [Credit-Prachyam]

Karsevaks braved hundreds of security personnel and moved towards the disputed Babri Masjid. Some karsevaks managed to climb on the dome of the disputed structure and planted 'Bhagwa Dhwaj'[Saffrin flags].

The security personnel deputed there soon began lathi-charging and shooting at the karsevaks to disperse them. By the offensive move of security personnel, the karsevaks were forced to retreat by the evening.

Deputed officials wanted the saffron flags [Bhagwa Dhwaj] removed from the domes but faced a unique situation. They found that a monkey had taken a position on the middle dome of the mosque.

The security officials saw the monkey as an 'Avatar' of Lord Hanuman, who had appeared to protect the flag, so they were unwilling to disturb it. The monkey kept sitting near the flag atop the central dome for hours.

Late at night, after the monkey left the dome, some police personnel climbed atop the dome and removed the flag. VHP functionary shares the iconic image of the monkey atop the dome published by many Hindi Newspapers on November 1, 1990.

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The Monkey Image Again on July 23, 1992:

There have been recurring images of the Mankey [a symbol of Hanuman] atop the Babri Masjid dome during the Ram Mandir movement. Another photo from India Today's achieves takes the story further. This photo was clicked by Parmod Pushkarna on July 23, 1992.

The 'Kar Sewa' for the Mandir was suspended after the brutal killings of the karsevaks and re-started in July 1992. Though the karsevaks reached Ayodhya, the program was postponed. This time one monkey was also sitting on the central dome of the Babri Masjid.

Photojournalist Parmod Pushkaran, now 76 [Credit-TOI]

Photojournalist Parmod Pushkaran, now 76, recalled I was intrigued that while security personnel and barricades prevented people from reaching the disputed spot, a monkey had reached the top of the dome. People were mesmerized and called that monkey "Hanuman ka Avatar."

There were a lot of restrictions in Ayodhya in those days. We used to hide behind buildings or climb onto roofs to take photos. That was a time when the Ayodhya Ram Mandir Movement was on full steam.

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The Story of the Monkey in Opening of Temple Doors Order:

The reference to monkeys in the Ayodhya Ram Mandir case can also be found in the autobiography of KM Pandey. KM Pandey was the District Judge of Faizabad [Old name of Ayodhya] on Feb 1, 1986, who ordered that the doors of the Babri Masjid be opened for devotees to the 'Darshan of Ram Lalla Idol.'

In his autobiography 'Voice of Conscience,' published in the 1990s. Mr. Pandey mentions a divine power behind his judgment on that day. He narrated that on the date when orders for opening locks were passed, a Black Monkey was sitting for the whole day on the roof of the courtroom.

KM Pandey District Judge of Faizabad in 1986 [Credit-OpIndia]

In the courtroom in which the hearing was going on, Monkey was sitting holding the flag post. Thousands of people of Faizabad and Ayodhya, who were present to hear the final orders, had offered him groundnuts and various fruits. 

Strangely, the monkey did not touch any of the offerings and left the place when the final order was passed at 4.40 pm. The DC  and SSP escorted me to my bungalow. I was surprised to see him in my bungalow. I just saluted him and treated him to be some divine power.

However, KM Pandey's order to unlock the doors was turned down by the Allahabad High Court. It was to be part of a lengthy legal process that started with an FIR in 1858 after Nihang Sikhs barged into the Masjid-e-Janam Sthan and performed a 'Havan.'

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The Story of Monkeys and The Supreme Court Verdict:

Senior advocate and former attorney general K Parasarn also talked about the incident of monkeys during the Supreme Court Verdict. Mr. K Parasarn successfully argued the case of Ram Lalla Virajman.

Mr. Parasarn narrated the matter on November 9, 2019, when the five-judge bench of the Supreme Court delivered the landmark verdict, ordering the 2.77 acres of land to be handed over to a Ram Janmabhoomi trust for the construction of a Ram Lalla Temple.

Senior advocate and former attorney general K Parasarn [Credit-YouTube]

The Historic Verdict was delivered on a Saturday, and on the subsequent Monday, 30-40 monkeys appeared from nowhere on the terrace of his residence in Delhi. I was out on the open terrace on the second floor. Can't imagine so many monkeys that too around 8.45 pm.

They were playing, jumping, kicking......Lord Ram took care of it....69 years he waited for it, recalls Mr. Parasarn.

Monkeys have been perceived by devotees throughout the Ram Mandir movement as a manifestation of the divine power. The iconic October 1990 image of the monkey, splashed across newspapers, was one among that thread.

Thanks and Regards

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India Taking Giant Strides To Become A Green Economy

India Taking Giant Strides To Become A Green Economy [Credit-X]

Economists and environmental experts admire that India is on the right track to a green economy. They believe India is cautious about becoming a green GDP [Gros Domestic Product].

According to Arunabha Ghosh, Founder & CEO of CEEW [Council on Energy, environment, and Water], green growth will continue to be a central pillar of India's overall development trajectory. He emphasized that it needs a consistent effort and outlined several new priorities in the FY 24 Budget.

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National Hydrogen Mission For Green Economy:

The government of India approved the National Green Hydrogen Mission in January 2023, aiming to make India a global hub for such technologies, production, utilization, and export. The NGH Mission will help in the long run to save India's exchequer, besides making it self-reliant in energy.

Launching the National Green Hydrgoen Mission is the biggest single-sector push on the green GDP agenda. The 19,744 crore allocation for green hydrogen can be used in parts as Viability Gap Funding [VGF]. 

VGF is generally used to create demand for green hydrogen via the SIGHT [ Strategic Interventions for Green Hydrogen Transition] fund. Mr. Gosh says to promote the manufacturing of electrolyzers, allocation under the PLI scheme should focus on indigenization, especially of higher-value components.

 The Petroleum Minister of India Mr. H S Puri stated about India's demand outlook for energy. He said the consumption is growing at three times the global average and will account for 25% in the next decades or so.

National Hydrogen Mission for Green Economy [Credit-ET Energy World]

Mr. Puri Highlighted green hydrogen will succeed in countries where there is local demand, there is local production, and local consumption as well. India stands out in all these sectors.

The Cabinet Minister said,

"Despite challenges, India didn't undermine its commitment to sustainability and adding .......India committed to an ambitious five-part "Panchamrit" pledge at COP26, held in 2021."

Reaching 500FW of non-fossil electricity capacity, generating half of all energy requirements from renewables, to reducing emissions by 1 billion tonnes by 2030. India is also gaming to cut the emissions intensity of GDP by 45% and finally to net-zero emissions by 2070.

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India Taking Giant Strides to Set up Renewable Energy [RE] Infrastructure:

We are witnessing a growth in the development of renewable energy sources. It becomes essential to have grid stability for energy system resilience. It might be one of the reasons why the Budget has focused significantly on energy storage and grid infrastructure.

India Taking Giant Strides to Set up Renewable Energy [RE] Infrastructure [Credit-X]

Rs. 20,700 crore allocation in the Budget is for evacuating and integrating 13GW of renewables from Ladakh. It would spur investments in a region with high RE potential but historically low investment.

This Budget also promises VGF for battery energy storage systems for 4000 MWh. However, the detailed framework for pumped-hydro storage is awaiting, but it clearly indicates a dominant source for energy storage.

We can see a simultaneous fillip to mobile storage manufacturing, and the transition to electric vehicles has been provided. Government efforts to exempt customs duty for capital goods to produce lithium-ion batteries will reduce the final price of batteries and eventually make EVs more affordable.

Encouraging for scrapping of old government vehicles will create demand for EVs and will benefit and encourage domestic manufacturing if incentives are designed correctly. It will be a giant leap from the green economic perspective. 

The 50-year interest-free loan-to-state in FY 2023-24 can include scrapping old vehicles. This might be an opportunity to get electric buses for public transport.

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Renewable Energy[RE] Infrastructure in the Rural Sector: 

The Budget has also promoted two more areas of RE worth noting. The first is the biogas. The promotion of a circular economy is now a budgetary priority. The government plans to develop 200 compressed biogas plants worth Rs. 10,000 crore under the GOBARdhan scheme.

The collection and distribution mechanism of biomass gas would encourage a circular economy in the agricultural waste and transport sectors. More resources could be added to promote recycling and for critical minerals.

Renewable Energy[RE] Infrastructure in the Rural Sector [Credit-ET Energy World]

The second push has been towards sustainable agriculture. With the ambition to make 10 million farmers adopt natural framing and to help them set up 10, 000 bio-resources centers to provide for regenerative farming facilities.

The PM Pranam scheme, additionally, could push farmers towards alternative fertilizers and the more judicious use of chemical ones. However, the Budget promises India a global hub for millet, so more efforts are needed for value addition and consumer uptake of millet-based products globally.

As per Mr. Gosh, the promises in the FY24 Budget will derive investment in new sectors. It would outline how India's transformative targets for a green economy could be achieved timely and strategically. 

Thanks and Regards

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