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New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. <br /><br /> This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. <br /><br /> The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. <br /><br /> "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. <br /><br /> The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. <br /><br /> According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. <br /><br /> However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. <br /><br /> India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. <br /><br /> China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. <br /><br /> Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. <br /><br /> Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. <br /><br /> The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. <br /><br /> Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. <br /><br /> The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. <br /><br /> Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. <br /><br /> Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. <br /><br /> The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. <br /><br /> Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

As the global urgency to combat <keyword id="19907392" type="General" weightage="20" keywordseo="climate-change" source="keywords">climate change</keyword> intensifies, all eyes are on India's <keyword id="19955368" type="General" weightage="100" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword>, as there’s no better way to walk the talk than allocating funds. Speculation is rife about the potential measures the government may introduce to accelerate the transition to a sustainable energy future — a move that is supremely necessary after the slew of deadly climate catastrophes that we saw last year.<br /><br />India’s Union Budget 2024 will be presented by Finance Minister Nirmala Sitharaman in a couple of days, and is expected to reflect the nation’s commitment to achieving <keyword id="21280854" type="General" weightage="20" keywordseo="net-zero-carbon-emissions" source="keywords">net-zero carbon emissions</keyword> by 2070. Here are some of the key initiatives from the interim budget that was presented in February earlier this year, along with their anticipated impacts!<br /><h2>Rooftop Solarisation</h2>One of the most talked-about initiatives is the ambitious rooftop solar programme, which aims to provide free electricity up to 300 units per month to one crore households. If implemented, this move will help in not only cutting down energy bills — a godsend for the middle- and lower-income folks — but will also give households a chance to generate and even sell their surplus power.<br /><h2>Electric Vehicle (EV) Ecosystem</h2>Charging up the electric vehicle movement, the interim budget included measures to expand EV manufacturing and infrastructure in the country. The move aimed to accelerate the adoption of <keyword id="19895203" type="General" weightage="20" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword>, reducing emissions from the transport sector and making your commute cleaner and greener. Additionally, the government seemed keen on encouraging the adoption of electric buses to make urban travel more eco-friendly.<br /><div type="Article" hostid="261" msid="111855546" title="Budget 2024: How will budget affect India’s position in the global space race?" mstype="2" mssubtype="0"></div><br /><h2><keyword id="20495045" type="General" weightage="20" keywordseo="offshore-wind-energy" source="keywords">Offshore Wind Energy</keyword></h2>Riding the winds of change, the interim budget introduced a viability gap funding for 1 GW of offshore wind energy. As per the Finance Ministry, this initiative aims to harness the power of India’s vast coastline, pushing the envelope on <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> and reducing our fossil fuel dependency.<br /><h2><keyword id="22499996" type="General" weightage="20" keywordseo="national-green-hydrogen" source="keywords">National Green Hydrogen</keyword> Mission</h2>The interim budget also supercharged the National Green Hydrogen Mission with a massive boost to Rs 600 crore from last year’s Rs 297 crore. The government has continually insisted that Green Hydrogen is set to become the fuel of the future, and this announcement supports its development and adoption, paving the way for cleaner industrial processes.<br /><h2>Coal Gasification and Liquefaction</h2>Switching up the coal game, the interim budget plans to set up coal gasification and liquefaction projects that will be able to process 100 metric tonnes by 2030. These projects aim to make the most out of coal in a cleaner way, especially by reducing our reliance on imported natural gas and slashing emissions.<br /><div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div><br /><h2>Bioenergy and Biomass Aggregation</h2>Turning waste into wealth, the interim budget has also promised additional financial assistance for biomass aggregation. This, they explain, will help in creating a sustainable model for managing agricultural waste, promoting bioenergy production and giving farmers a new revenue stream.<br /><h2>Research and Development (R&amp;D)</h2>In a nod to innovation, the interim budget allocated a whopping Rs 1 lakh crore for interest-free financing in “sunrise” R&amp;D for emerging <keyword id="19931192" type="General" weightage="20" keywordseo="green-technologies" source="keywords">green technologies</keyword>. If the government follows through on this promise, the funding could catapult a wave of innovation, supporting the transition to a sustainable energy future.<br /><br />By focusing on renewable energy, reducing carbon emissions, and supporting green technologies, India’s initial budget allocations seem to be taking significant strides towards its net-zero goal. Whether this will ultimately pan out to become a greener and more resilient future for its citizens remains to be seen.<br />

Budget 2024: Key sustainability and energy initiatives that Indian government plans to implement this year

The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers.<br /><br />Here's a breakdown of the key initiatives announced:<br /><h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications.<br /><h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power.<br />  <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div><br /><h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>.<br /><br />Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time.<br /><h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials.<br /><h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current '<em>Perform, Achieve and Trade</em>' mode.<br /><h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase.<br /><br />As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally.<br />  <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div><br /><h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change.<br />  <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div><br /><h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies.<br /><h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. <br /><br />All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.<br />

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>Used electric vehicles became more affordable after a new tax credit kicked in in January 2023.</li><li>Driving range and driving habits can affect the type of used EV you should shop for.</li></ul><p>Electric-vehicle prices are falling across the board. And as <a href="https://www.businessinsider.com/nissan-kicks-review-price-rare-find-under-30k-2024-10">more models flood the market</a>, you can get a particularly good deal on a used EV.</p><p>But shelling out thousands of dollars on an unfamiliar piece of technology (especially one that's been around the block a few times) is daunting for some shoppers.</p><p>Aside from wondering <a href="https://www.businessinsider.com/cheapest-electric-car-affordable-kia-ford-chevy-hyundai-nissan-2022-6">which car to buy</a>, used-EV shoppers might be wondering whether the battery could die. Shoppers on a budget might also be looking for more ways to save money, as EV tax credits broadened to include used electric cars in January 2023.</p><p>The research can be a lot to take on at once. We talked to car-buying experts to demystify the process.</p><h2>Consider where and how much you drive</h2><p>Scott Case, the cofounder and CEO of Recurrent, a startup that tracks EV battery health, recommended starting by considering how far you typically drive and the climate you live in — those factors will affect how much range you'll want, as EVs perform best in temperate weather and can't drive quite as far in cold temperatures.</p><p>"Let's say you live in Florida and you drive 30 to 50 miles every day — you can pretty much buy anything," Case said. On the other hand, people who travel 150 miles daily and live in the occasionally frigid Midwest would need to shop around for a long-range vehicle.</p><div type="image" title="A gray Tesla Cybertruck plugged in at a public charging station." height="1150" width="1533" msid="114294136" hostid="261" sizebytes="313240"></div><p>Most older electric cars don't have the range of the latest offerings — you might find models with estimates from the Environmental Protection Agency of only 80 to 120 miles.</p><h2>Battery range will degrade over time</h2><p>Anyone who's owned a smartphone knows that lithium-ion batteries wear out over time. Pretty much the same goes for EVs.</p><p>As the years go by, cycles of charging and driving wear out an EV's battery pack, reducing driving range. The vehicle-data firm Geotab has estimated that EV batteries <a href="https://www.geotab.com/blog/ev-battery-health/" target="_blank" rel="noopener">tend to lose about 2% of their capacity each year</a>.</p><p>The good news is that an EV's battery is unlikely to fail completely or render the car useless.</p><p>But understanding how much life a vehicle has left isn't all that simple. Case said that exposure to extreme temperatures, frequent trips to powerful DC fast chargers, and variations in battery chemistry mean some used cars perform better than others with identical mileage.</p><div type="image" title="A charging cable extending from a Tesla Supercharger to a Chevrolet Equinox EV." height="3024" width="4032" msid="114294138" hostid="261" sizebytes="789912"></div><p>Jim Fish, a vice president of Opus IVS, a tech-focused collision-repair company, said the best question to ask about a battery's care is how often it was left below 20% and above 80% of its charge.</p><p>Leaving a battery too close to empty or on a full charge for too long affects its ability to hold a charge, Fish said.</p><p>"Of course, you might struggle to find out the truth to that question," Fish said.</p><p>Recurrent provides reports on EV battery health aimed at helping shoppers choose between cars.</p><h2>You can get up to $4,000 off thanks to federal tax credits</h2><p>At the start of last year, a <a href="https://www.businessinsider.com/federal-state-electric-car-vehicle-tax-credits-rebates-qualify-2023-1">used-EV tax credit went into effect</a> as part of a larger incentive program in the Inflation Reduction Act. Automotive retail analysts described it as a welcome change for EV shoppers on a budget.</p><p>To <a href="https://www.businessinsider.com/ev-tax-credit-suv-tesla-model-y-ford-mach-e-2023-2">qualify for the credit</a>, the vehicle must be purchased at a dealership so that the dealer can report the required information to the IRS.</p><p>The buyer must be purchasing the vehicle for personal use and not for resale, must not be the original owner of the vehicle, must not be able to be claimed as a dependent, and must not have used any other clean-vehicle credit in the previous three years. Income caps for buyers range from $75,000 to $150,000, depending on their tax-filing status.</p><p>The vehicle must have a sale price of $25,000 or less and must be at least two model years old.</p><p>Many states also have tax incentives for purchasing EVs. More detailed information and required forms can be found on the <a href="https://www.irs.gov/credits-deductions/used-clean-vehicle-credit" target="_blank" rel="noopener">IRS's website</a>.</p>

Considering an electric vehicle? Experts explain how to pick one for your lifestyle and budget

Watching the <keyword id="19915128" type="General" weightage="20" keywordseo="Chandrayaan-3" source="keywords">Chandrayaan-3</keyword> lander complete its soft-landing on the far side of the Moon was undoubtedly one of the most proud moments for all Indians in 2023. And yet, we tend to forget that this was an achievement that was somehow completed with a budget less than that of some Bollywood movies.<br /><br />Thanks to monumental achievements such as Chandrayaan and Aditya-L1, in addition to increased government support and a surge in private sector involvement, India’s <keyword id="20242397" type="General" weightage="20" keywordseo="space-sector" source="keywords">space sector</keyword> has been rapidly evolving. However, a defining theme of all the past successful missions in the space sector for <keyword id="19915124" type="General" weightage="20" keywordseo="ISRO" source="keywords" meta.keywordsubtype="org" meta.entityname="ISRO" meta.hostid="261" meta.entityid="ISRO">ISRO</keyword> has been its ability to achieve them in the most economical way possible, often at one-tenth of the cost compared to its western counterparts.<br /><br />Now, as more funds flow in from both public and private routes, India’s space sector is at the precipice of a unmatched growth phase. With another hike in the pipeline for the space sector, the <keyword id="19955368" type="General" weightage="20" keywordseo="Budget-2024" source="keywords">Budget 2024</keyword> is poised to further boost India’s position in the <keyword id="22469635" type="General" weightage="20" keywordseo="global-space-race" source="keywords">global space race</keyword> by enhancing funding, providing incentives, and fostering international collaborations.<br /><h2>How does India’s space budget compare to other countries?</h2>As per the interim budget announcement, India’s space budget for 2024-25 will stand at around Rs 13,042.75 crores, a 4% increase from the previous year’s Rs 12,545 crore. To truly contextualise this, let’s compare it with other leading space-faring nations.<br />        <div type="Article" hostid="261" msid="111827903" title="Union Budget 2024 for Railways: Expectations focused on improving passenger safety, experience, infrastructure" mstype="2" mssubtype="0"></div>The USA, through <keyword id="19935155" type="General" weightage="20" keywordseo="NASA" source="keywords" meta.keywordsubtype="org" meta.entityname="NASA" meta.hostid="261" meta.entityid="NASA">NASA</keyword>, allocated about Rs 2,12,000 crores ($25.4 billion) in 2023, focusing on the Artemis program, <keyword id="20999262" type="General" weightage="20" keywordseo="Mars-exploration" source="keywords">Mars exploration</keyword>, and advanced satellite technologies, as per the The Planetary Society. China’s space program received approximately Rs 1,18,000 crores ($11 billion), supporting lunar missions, Mars exploration, and building its own space station, as per media reports. Meanwhile, The European Space Agency (ESA) had a budget of around Rs 63,700 crores ($7.6 billion) last year to fund a range of scientific missions, Earth observation, and international collaborations. <br /><br />While India's budget remains categorically minuscule in comparison, it prioritises cost-effective missions and innovative technologies, often achieving impressive results with fewer resources. However, many are concerned how this financial constraint could affect infrastructure development, cause delays in critical projects like <keyword id="6797456" type="General" weightage="20" keywordseo="gaganyaan" source="Orion">Gaganyaan</keyword>, and restrict the private sector's growth and innovation. Furthermore, it may also limit India's influence in global space governance and international collaborations, at a time when most countries seem to be set on a race to transform themselves into a space-faring society.<br /><h2>Upcoming missions and international collaborations</h2>While space spending can be useful for many quality of life aspects — such as agriculture and climate preparedness — it is often the major space missions that steal the spotlight. Key projects in the 2024 budget include the Gaganyaan mission, which aims to send Indian astronauts into space. Additionally, the Mars Orbiter Mission 2 (<keyword id="20475168" type="General" weightage="20" keywordseo="mangalyaan" source="keywords">Mangalyaan</keyword> 2) is slated for a 2024 launch, which — if successful — could mark a significant step in India's interplanetary exploration prowess.<br />        <div type="Article" hostid="261" msid="111689743" title="Union Budget 2024: A handy FAQ guide to decode the upcoming budget" mstype="2" mssubtype="0"></div>International collaborations are also a significant cornerstone of India’s space strategy. The NASA-ISRO Synthetic Aperture Radar (NISAR) mission, scheduled for 2024, exemplifies such partnerships. This mission will provide critical data for understanding Earth’s changing ecosystems, ice mass, and natural hazards.<br /><br />International collaborations are crucial because they help a great deal with enhancing technical expertise and shared resources. As such, joint ventures like NISAR and partnerships with other space agencies help India stay competitive globally. Another significant collaboration is with the United States, where an Indian astronaut will be sent to the International Space Station (ISS) by the end of 2024.<br /><h2>Indian leadership in space tech</h2>The budget may be low, but India’s space spirit is certainly not weak. Despite limited resources, India has demonstrated strengths in many aspects of space technologies. For instance, the Indian Space Research Organisation (ISRO) is known for its reliable and cost-effective launch vehicles, like the PSLV and GSLV, which have successfully placed numerous satellites into orbit. In a tremendous feat, the PSLV-C37 successfully launched 104 satellites in a single flight in September 2023!<br />        <div type="Article" hostid="261" msid="111688482" title="Budget A-Z, for the GenZ: A fun and handy guide for major terms around upcoming Union Budget" mstype="2" mssubtype="0"></div>India also excels in manufacturing satellites for communication, weather monitoring, and Earth observation. The upcoming deployment of 50 AI-powered GEOINT satellites will enhance national security and surveillance. With the right investments, India could lead globally in low-cost space missions and innovative satellite technologies.<br /><h2>Long-term visions for India’s space program</h2>The long-term vision for India's space program, as outlined in the Budget, includes establishing a dedicated space station by 2035 and increasing the country’s share in the global space economy.<br />        <div type="Article" hostid="261" msid="111807009" title="Despite pandemic and growing health scares, India’s budget share for healthcare continues to decline" mstype="2" mssubtype="0"></div>The Indian government aims to capture nearly 10% of the global space market by 2030, up from its current 2-3% share. This ambition aligns with broader geopolitical and economic goals, positioning India as a key player in space exploration and satellite services.<br /><br />Budget 2024 will be crucial for strengthening India’s position in the global space race. As the country gears up for upcoming missions and technological advancements, the global space community will be closely watching India's progress.<br />

Budget 2024: How will budget affect India’s position in the global space race?

<ul><li>Integrated platform to be set up under insolvency and bankruptcy board to benefit stakeholders</li><li>IBC has recovered Rs 3.3. lakh crore for creditors, 28 cases worth Rs 10 lakh crore also dismissed </li><li>Additional tribunals will be notified</li></ul><keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> is set to present the Union <keyword id="15478236" type="General" weightage="20" keywordseo="budget-2024" source="Orion">Budget 2024</keyword> in the parliament at 11 am today and has arrived at the parliament with the paperless Bahi-Khata, a practice first followed by the minister while presenting the <keyword id="6360189" type="General" weightage="20" keywordseo="union-budget" source="Orion">Union budget</keyword> for 2021-22. This will be the seventh time FM Sitharaman will be presenting the <keyword id="6358021" type="General" weightage="20" keywordseo="budget" source="Orion">budget</keyword>, inching past the record of former <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Minister" meta.hostid="261" meta.entityid="Finance Minister">finance minister</keyword> Morarji Desai, who had 5 full-fledged and 1 interim budget presentation to his credit.<br /><br />President <keyword id="20109163" type="General" weightage="20" keywordseo="draupadi-murmu" source="keywords">Draupadi Murmu</keyword> had described this budget as historic, in terms of the reforms and announcements it will lay forth. Earlier in the day, the FM had met the president with a copy of the budget. The budget will set forth the tone for Modi's third tenure, and will be an important cornerstone for his vision for India's Amritkal, leading India towards becoming a developed nation, or Viksit Bharat. <br /><br />Sitharaman will begin her budget speech at 11 am in the Lok Sabha. You can watch the presentation live on the official Youtube channels of the government. After her speech, all budget-related documents will be available at indiabudget.gov.in<br /><br /><h2>FM Sitharaman tables <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword></h2>FM Sitharaman, "India's inflation continues to be low, stable, moving towards 4% target. We need to focus on Gareeb, Mahila, Yuva and Annadata (Poor, Women, Youth and Farmers). Budget to focus on employment, skilling, MSME and middle class. Allocations of Rs 1.48 lakh crore have been made for education and skilling in this budget". <br /><br /> <strong>Productivity and Resilience in Agriculture</strong><br /><ul><li>Aim to develop climate resilient crop varieties. Over next 2 years, 1 crore farmers will be initiated into natural farming through structural support. 10,000 need based bio-resource centers will be established. </li><li>Financing for shrimp farming, processing and export will be facilitated through NABARD </li><li>Rs 1.25 lakh crore set aside for agriculture and allied activities. </li></ul> <strong> Employment and Skilling</strong> <br /><ul><li><strong>Scheme A</strong>: One month wage to all those entering the formal workforce across all sectors. The scheme is expected to benefit 210 lakh youngsters</li><li><strong>Job creation in manufacturing</strong>: Incentives given to both employee and employer in the first 4 years of the employment, basis their EPFO contribution.</li><li><strong>Support to employers</strong>: The govt. will reimburse Rs 3,000 per month for 2 years for each additional employee hired by employer. The scheme is expected to benefit 50 lakh people</li><li>Establish working women hostels and creches to facilitate women participation in workforce</li></ul>I<strong>nfrastructure Development</strong><br /><ul><li>Bihar and Andhra Pradesh to receive additional monetary support in the current financial year. Development of new airports, roadways and sports infrastructure to be undertaken in Bihar.</li><li>Grants for backward regions in Andhra Pradesh will be provided</li><li>3 crore additional houses in rural and urban India have been made under PM Aawas Yojana.</li><li>Women led development schemes have received an allocation of over Rs 3 lakh crore.</li><li>Credit support to MSMEs during stress periods</li><li>SIDBI to open new branches in MSME clusters within 3 years and offer direct credit to them. 24 new branches to be opened this year, covering 168 MSME clusters</li><li>To enable MSMEs and artisans to sell products in international markets, hubs to be set up under public-private partnership model. </li><li>Encourage moderation of stamp duties, also consider lowering duties for properties purchased by women.</li><li>Infra investment in economy to stand at 3.4% of GDP</li></ul><strong>Tourism</strong><br /><ul><li>Development of Vishnu Path, Mahabodhi temple corridor</li><li>Support development of Nalanda as a tourist center</li><li>Development of Orissa as a popular tourist destination.</li></ul><strong>Research, Innovation and New Gen reforms </strong><br /><ul><li>Expanding space economy by 5x in the next 10 years via a venture fund of Rs 1,000 crore</li><li>Land management and urban planning to incentivised for timely completion</li><li>Digitisation of terrestial maps will be undertaken</li><li>Establishing land registry and linking to farmer registry as well </li><li>E-shram portal to be integrated with other relevant portals for seamless services </li><li>Shram Suvidha and Samadhan portal will be revamped to enhance ease of compliance</li></ul><strong>Investments </strong><br />Introduction of NPS Vatsalya: Investments can be made on behalf of child. Once they turn 18, this can be converted into a normal NPS account.<br /><br /><strong>Budget Estimates 2024-25</strong><br />Total receipts (sans borrowings) Rs 32.07 lakh crore<br />Tax receipts; Rs 25.83 lakh crore<br />Fiscal deficit at 4.9% of GDP<br /><br /><strong>Solar Energy</strong><br />Increase in list of exempted capital goods used for manufacturing solar products <br />No extension in exemption of custom duty for foreign products used for solar manufacturing<br /><br /><strong>Income Tax</strong><br />A comprehensive review of the Income Tax Act, of 1961 is in order<br />Merger of two exemptions for charities of donations<br />TDS rate on e-commerce operations to reduce to 0.1%<br />Provisions for reassessment to be simplified.<br /><br />Also read: <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" data-type="tilCustomLink" target="_blank"><strong>Budget 2024-25: Changes to tax slabs, increased standard deduction and other changes to direct taxation</strong></a> <br /><strong><br />Simplification of capital gains</strong><br /> STCG on specified financial assets to be at 20% <br />Other financial and non-financial assets to be taxed at applicable rates <br />Long term capital Gains on financial and non-financial assets to be at 12.5% <br />Annual limit on exemption raised from Rs 1,00,000 Rs 1,25,000<br />Listed financial assets will be considered long-term if held for more than 12 months.<br /><br /><strong>Other taxation highlights</strong><br />Angel Tax to be scraped away<br />Simpler tax regime for foreign shipping companies<br />Security transaction rates on trading in future and options to be increased<br />Standard deduction to increase to Rs 75,000 from Rs 50,000 under new tax regime<br />Deduction for pensioners enhanced from Rs 15,ooo to Rs 25,000<br />Tax slabs under new regime revised. Employee can save up to Rs 17,500 in income taxes annually.<br />Total revenue foregone is about Rs 8 lakh crore. <br /><br /><br /><br /><br />

Union Budget 2024-25 key highlights: Angel tax to be scraped

New Delhi [India], July 23 (ANI): <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> is set to present the <keyword id="15626720" type="General" weightage="20" keywordseo="Union-Budget-2024" source="Orion">Union Budget 2024</keyword> in Parliament today, marking her seventh consecutive budget and eclipsing the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.<br /><br />At 11 am today, the much-awaited full budget for 2024-25, the first under the Modi 3.0 government, will be presented on the floor of the Parliament.<br /><br />All eyes will be on the major announcements made by the finance minister and the government's forward-looking guidance about the overall economy.<br /><br />Sitharaman will lay on the table a statement (in English and Hindi) of the estimated receipts and expenditures of the government for the year 2024-25 in the Rajya Sabha.<br /><div type="Article" hostid="261" msid="111946291" title="Union Budget 2024-25: Focus on employment, skilling, MSME and middle class" mstype="2" mssubtype="0"></div>She will table the budget one hour after the conclusion of the presentation of the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024-25 in the Lok Sabha.<br /><br />The Finance Minister also lay on the table, under subsection (1) of Section 3 of the Fiscal Responsibility and Budget Management Act, 2003, a copy each (in English and Hindi) of the following papers: medium-term fiscal policy strategy statement and macro-economic framework statement.<br /><br />The Finance Minister will further lay on the table statements (in English and Hindi) of the estimated receipts and expenditures (2024-25) of the Union Territory of Jammu and Kashmir (with the legislature).<br /><br />The interim budget, tabled on February 1, took care of the financial needs of the intervening period until a government was formed after the Lok Sabha polls, after which a full budget was to be presented by the new government.<br /><br />With this upcoming budget presentation, Finance Minister Nirmala Sitharaman will surpass the record set by former Prime Minister Morarji Desai, who presented five annual budgets and one interim budget between 1959 and 1964 as finance minister.<br /><br />The <keyword id="105431" type="General" weightage="20" keywordseo="budget-session" source="Orion">budget session</keyword> of Parliament began on July 22 and, according to schedule, will end on August 12.<br /><br />Before presenting the Budget, the finance minister will go to the North Block, where the Ministry of Finance is housed.<br /><br />She will meet the secretaries of her ministry, and later, along with them, she will reach the President's residence to get permission before presenting the Budget.<br /><br />About half an hour before the budget is presented, a Cabinet meeting headed by the prime minister is usually held, where ministers are briefed about the budget and Cabinet approval is taken.<br /><br />Putting aside the details of the upcoming budget, let us review the budget-making process and sequence of events typically followed.<br /><br />The Ministry of Finance typically issues circulars to all ministries, Union territories, States, and autonomous entities to send their demands and recommendations for the Union budget around September-October, with budgets typically tabled on February 1.<br /><br />Another key event before the budget presentation is the 'halwa ceremony'. A few days before the budget is presented, the government has a tradition of conducting a 'halwa ceremony', marking the start of budget document printing.<br /><br />The Halwa ceremony is significant as it also marks the beginning of a lockdown at the finance ministry, meaning no official is allowed to leave the ministry compound. Everyone on the budget team is allowed to leave only after the financial document is presented in Parliament. The printing of the Union Budget inside the basement located in the North Block has been a permanent feature since 1980.<br /><br />A day before the budget is scheduled to be tabled, the government typically releases its Economic Survey. This year, too, the same norms were followed. The Economic Survey serves as a crucial input for budget formulation. It is prepared by the Chief Economic Advisor and provides an overview of the country's economic performance, prospects, and policy recommendations, including future outlook.<br /><br />India is poised to remain the fastest-growing major economy in 2024-25, Chief Economic Adviser V Anantha Nageswaran said in a press conference after the tabling of the Economic Survey. The Economic Survey tabled projected India to grow at 6.5-7.0 percent in 2024-25.<br /><br />As per the Economic Survey 2023-24 tabled by Finance Minister Nirmala Sitharaman, the Indian economy is on a strong and stable footing, demonstrating resilience in the face of geopolitical challenges.<br /><br />The first Economic Survey reportedly came into existence in 1950-51, when it used to be a part of the budget documents. In the 1960s, it was separated from the budget documents and presented a day before the Union Budget.<br /><br />The budget, once it is presented, is then subjected to detailed debate and discussion in both houses of Parliament, allowing members to scrutinise its provisions, raise concerns, and propose amendments. Following its presentation and approval by Parliament, the Union Budget sets in motion a series of post-budget activities aimed at implementing its provisions and achieving the outlined objectives.<br /><br />Like the previous few full Union budgets, the Budget 2024 will also be delivered in paperless form. An Interim Union Budget 2024 was presented on February 1, as the country was due for general elections later in the year.<br /><br />All the Union Budget documents, including the Annual Financial Statement (commonly known as the Budget), Demand for Grants (DG), and Finance Bill, as prescribed by the Constitution, will be available on the "Union Budget Mobile App" for hassle-free access to budget documents by Members of Parliament (MPs) and the public.<br /><br />The app is bilingual (English and Hindi) and available on both Android and iOS platforms. The app can also be downloaded from the Union Budget Web Portal (www.indiabudget.gov.in).<br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a><br /><a href="https://www.businessinsider.in/budget/news/why-did-the-latest-economic-survey-of-india-heavily-shun-the-western-ways-of-climate-action/articleshow/111947230.cms" data-type="tilCustomLink" target="_blank">Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?</a> <br />

Here's a quick overview of PM Modi 3.0 government's first budget, to be presented by FM Nirmala Sitharaman today

A day ahead of the final Budget presentation, India released the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-2024, outlining a plethora of optimistic — and some bittersweet — indicators of the health of the nation’s economy. When you consider the climate-related aspects of the report, there’s a ton of good news: we have achieved massive strides in clean power generation, while cutting out a ton of dirty emissions from our products.<br /><br />However, scroll down to the bottom of the report, and you find a scathing criticism of the “western” approach to climate change. Here's a closer look at why, and what clues do such narratives hold about India's <keyword id="22513472" type="General" weightage="20" keywordseo="environmental-strategy" source="keywords">environmental strategy</keyword> in coming years.<br /><h2>Problems with the “Western way”</h2>The major criticism, as per the survey, is that the Western approach to climate change is far too alarmist. They argue that this “one-size-fits-all” attitude often fails to account for the diverse needs of countries like India. To that end, it also points out that the Intergovernmental Panel on Climate Change (IPCC) promotes "accelerated and equitable mitigation pathways" that don't always align with the developmental priorities of <keyword id="20353838" type="General" weightage="20" keywordseo="developing-nations" source="keywords">developing nations</keyword>.<br /><br />Additionally, the report notes that Western solutions often prioritise market-based strategies to sustain high consumption levels rather than addressing the root issue of overconsumption. The survey emphasises that <keyword id="20224417" type="General" weightage="20" keywordseo="sustainable-living" source="keywords">sustainable living</keyword> is deeply ingrained in <keyword id="19983840" type="General" weightage="20" keywordseo="Indian-culture" source="keywords">Indian culture</keyword>, which contrasts sharply with the consumption-driven lifestyle prevalent in the West. This focus on high consumption misses the mark, as it doesn't consider the environmental impact of such lifestyles.<br /><br />And for the most part, this bit is true; Indian history is enriched with traditions that emphasise the conservation of nature. As <a href="https://onlinelibrary.wiley.com/doi/10.1155/2017/3828609">per estimates</a>, religious practices have preserved an estimated 1.5 lakh sacred groves across India, and natural conservation efforts can be traced back to the time of Ashoka.<br />    <div type="Article" hostid="261" msid="111925936" title="Economic Survey 2023-24: Where does India stand on the employment, and what&amp;#39;s next?" mstype="2" mssubtype="0"></div>Therefore, it may not be entirely inaccurate to say that in India, sustainability isn't a new concept; it's a way of life. Traditional Indian practices like using reusable materials, upcycling, and embracing minimalism have always promoted sustainability. The survey highlights that these practices are now threatened by Western capitalist ideals that equate consumption with progress. By returning to these roots, India can offer a model of sustainability that's both practical and culturally relevant.<br /><h2>Fixation on technical solutions</h2>The Economic Survey also critiques the Western obsession with high-tech solutions, such as solar-powered buildings and electric vehicles. These solutions require substantial financial and infrastructural resources that many developing countries simply don't have. Moreover, they often overlook the broader environmental impact and lifecycle costs associated with urban sprawl and high-density living. Instead, the survey suggests that simpler, more holistic solutions might be more effective and sustainable.<br />    <div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>However, this does not mean that India refuses to embrace greener tech. Not only has the country launched various initiatives to promote energy efficiency and reduce carbon emissions, it also aims to to generate 40% of its energy from non-fossil fuel sources by 2030. As per the report, India is the only G20 country on track to meet the 2°C warming commitment under the Paris Agreement, with significant investments in <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, particularly solar power.<br /><h2><keyword id="20269618" type="General" weightage="20" keywordseo="Mission-LiFE" source="keywords" meta.keywordsubtype="org" meta.entityname="Mission LiFE" meta.hostid="261" meta.entityid="Mission LiFE">Mission LiFE</keyword>: A sustainable initiative</h2>In order to help reinforce and rejuvenate the Indian way, the survey highlights Prime Minister Modi's Lifestyle for Environment initiative, or Mission LiFE. This initiative underscores individual responsibility in combating climate change, drawing from ancient Indian philosophy that advocates for a naturally sustainable lifestyle. By focusing on small, individual actions that collectively lead to significant environmental benefits, Mission LiFE contrasts sharply with the Western top-down policy approach. This grassroots strategy could be key to achieving real, lasting change, the report asserts.<br />    <div type="Article" hostid="261" msid="111927198" title="On the right track — Economic Survey 2023-24 outlines India’s commendable climate action" mstype="2" mssubtype="0"></div>All in all, the report challenges the dominance of Western policies and offers a pathway that could be more adaptable and relevant for other developing nations facing similar challenges. With its ongoing progress towards climate goals, India is well-placed to lead by example, showcasing a sustainable and culturally attuned approach to environmental stewardship.<br />

Why did the latest Economic Survey of India heavily shun the ‘Western ways’ of climate action?

The pre-budget <keyword id="20613906" type="General" weightage="20" keywordseo="Economic-Survey" source="keywords" meta.keywordsubtype="org" meta.entityname="Economic Survey" meta.hostid="261" meta.entityid="Economic Survey">Economic Survey</keyword> on Monday called for urgent reforms in India's <keyword id="19915424" type="General" weightage="20" keywordseo="agricultural-sector" source="keywords">agricultural sector</keyword>, warning that the structural issues could impede the country's overall <keyword id="19900794" type="General" weightage="20" keywordseo="economic-growth" source="keywords">economic growth</keyword> trajectory. The survey, tabled in Parliament by Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword>, highlighted the untapped potential of the <keyword id="20682012" type="General" weightage="20" keywordseo="Indian-agriculture" source="keywords">Indian agriculture</keyword> sector compared to other economies. <br /><br /> Chief Economic Advisor V Anantha Nageswaran called for a pan-India dialogue on the agriculture sector. <br /><br /> The survey, presented ahead of the annual budget, emphasised that India has yet to fully leverage its agricultural sector for economic growth and job creation, unlike East Asian economies and Western developed nations. <br /><br /> "Indian agriculture is not in a crisis now but requires a serious <keyword id="20544318" type="General" weightage="20" keywordseo="structural-transformation" source="keywords">structural transformation</keyword> because climate change and water criticality loom large in the times to come," the survey stated. <br /><br /> The CEA advocated for a reassessment of existing policies, despite current government subsidies and support measures for farmers. <br /><br /> "The payoff will be immense if we untie the knots that bedevil farm sector policies," Nageswaran said in the survey's preface. <br /><br /> While the government provides substantial support to farmers through subsidies on water, electricity, and fertilizers, along with income tax exemptions and minimum support prices, there is room for improvement in policy implementation, he added. <br /><br /> The survey identified several key challenges, including balancing growth with food inflation management, improving price discovery, and addressing land fragmentation. <br /><br /> To address these challenges, the survey recommends multi-pronged reforms, which include: upgrading agricultural technology, enhancing marketing avenues, adopting farming innovations, reducing input wastage, and improving the agriculture-industry linkages. <br /><br /> The document stressed the need to shift focus from basic <keyword id="19992806" type="General" weightage="20" keywordseo="food-security" source="keywords">food security</keyword> to nutritional security, aligning with a 'demand-driven food system' that is both nutritious and environmentally sustainable. <br /><br /> The survey suggested that policymakers must strike a delicate balance between incentivizing farmers to increase production and keeping food prices within acceptable limits. "This dual objective requires careful policy interventions." <br /><br /> The survey also emphasized the need for a farmer-friendly policy framework to ensure markets function in farmers' interests. <br /><br /> It recommended avoiding bans on futures or options markets at the first sign of price spikes; invoking bans only under exceptional circumstances; re-examining the inflation-targeting framework; increasing the total net irrigated area, and aligning farming practices with <keyword id="22505922" type="General" weightage="20" keywordseo="climate-considerations" source="keywords">climate considerations</keyword>. <br /><br /> Looking ahead to 2047, the survey highlighted the potential of agriculture and allied sectors (horticulture, livestock, fisheries, dairy, and food processing) for sustained <keyword id="20268655" type="General" weightage="20" keywordseo="employment-generation" source="keywords">employment generation</keyword>. <br /><br /> "To sustain growth for nearly a generation up to 2047 or more and to ensure that it makes people's lives better and fulfills their aspirations, bottom-up reforms are necessary," it noted. <br /><br /> It suggested that India may need to reconsider the traditional development model of transitioning from agriculture to industry and services.

Economic Survey calls for urgent agricultural reforms; cites growth hurdles

Union Cabinet headed by Prime Minister Narendra Modi met in Parliament on Tuesday to approve the Union Budget ahead of its presentation by <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword>.<br /><br />Prime Minister Narendra Modi arrived in Parliament this morning to attend the cabinet meeting. <br /><br />On Monday, Prime Minister said the Economic Survey highlighted the prevailing strengths of the economy and identifies areas for further growth and progress as the government "moves towards building a Viksit Bharat".<br /><br />Union Ministers Amit Shah, Rajnath Singh and Pralhad Joshi were also seen arriving in the Parliament earlier for the Cabinet meeting today. <br /><br />At 11 am, Finance Minister Nirmala Sitharaman will present the <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. <br /><br />Earlier today, Sitharaman met with President Droupadi Murmu before leaving for Parliament. This would mark Sitharaman's seventh consecutive budget and eclipses the late Moraji Desai's record of six consecutive budgets, which is likely to focus on changes in the income tax structure and improving the ease of doing business in India.<br /><br />Addressing the media, Minister of State for Finance Pankaj Chaudhary earlier said that the first Union Budget of the third Modi government will be based on his mantra of "Sabka Saath Sabka Vikas".<br /><br />Union Minister Pralhad Joshi said that this budget would accelerate the country's economic growth.<br /><br />"The economic growth that happened under the leadership of Prime Minister Narendra Modi, this budget and this Budget will further accelerate it. The budget that will be presented today by Nirmala ji will also help our country, which is the fastest-growing economy," Pralhad Joshi said while speaking to the media on the Parliament premises on Tuesday.<br /><br />The budget session of Parliament began on July 22 and, according to schedule, will end on August 12.<br /><br />On Monday, the economic survey presented in Parliament by finance minister Sithraman stated that in the medium term, the Indian economy can grow at a rate of 7 per cent. The economic survey stated, "In the medium term, the Indian economy can grow at a rate of 7 per cent plus on a sustained basis if we build on the structural reforms undertaken over the last decade. This requires a tripartite compact between the Union Government, State Governments and the private sector.<br /><br />"The survey further added that India faces a unique blend of opportunities and challenges amid global trends such as geo-economic fragmentation, a push for self-reliance, looming climate change, the rise of technology, and limited policy space. (ANI)<br /><br />SEE ALSO:<br /><a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024 Live Updates: PM Modi arrives in Parliament ahead of Budget 2024 presentation</a><br /><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" data-type="tilCustomLink" target="_blank">Union Budget 2024-25: Focus on employment, skilling, MSME and middle class</a><br />

Union Cabinet meets in Parliament ahead of Budget presentation

On Monday, July 22, Finance Minister <keyword id="22504403" type="General" weightage="20" keywordseo="nirmal-sitharaman" source="keywords">Nirmal Sitharaman</keyword> tabled the <keyword id="20613906" type="General" weightage="100" keywordseo="economic-survey" source="keywords">Economic Survey</keyword> 2023-24 in the parliament ahead of the much-awaited budget 2024 tomorrow. In addition to a socio-economic stock take, the comprehensive report also outlines the strides India has made on the environment and climate fronts last year.<br /><br />India is in a weird grey area when the climate blame-game is concerned. We continue to average some of the lowest per capita CO2 emissions in the world. But, being the most-populous country in the world, these small bits add up to make India the third-largest emitter of CO2 in the world, after China and the United States.<br /><div type="Article" hostid="261" msid="111923746" title="Economic Survey 2023-2024 highlights emerging job trends in AI, Cybersecurity, 3D Printing and Web Development" mstype="2" mssubtype="0"></div>However, this is not to say that the country has been sitting the green transition out either. As highlighted in the Economic Survey, India has been making notable strides in tackling climate change and promoting <keyword id="19895783" type="General" weightage="20" keywordseo="sustainability" source="keywords">sustainability</keyword> — efforts that will be crucial to protect billions in the coming years and decades. Let's take a look at these efforts and compare them with findings from other recent environmental reports to see the full picture.<br /><h2><keyword id="21818512" type="General" weightage="20" keywordseo="emission-intensity" source="keywords">Emission intensity</keyword> reduction</h2>The economic survey proudly states that India has reduced the emission intensity of its GDP by 33% from 2005 levels by 2019. This means the country is producing less greenhouse gas for every unit of economic activity.<br /><br />This is a commendable achievement because India’s original climate change target — or Nationally Determined Contribution — was set to precisely 33% reduction of emission intensity by 2030, before being revised to 45% in 2022. While the jump from 33% to 45% is still a significant one with barely half a decade to go, this progress is a clear sign that India’s climate policies are having a real impact.<br /><h2><keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">Renewable energy</keyword> capacity</h2>According to the economic survey, 45.4% of India’s installed electricity generation capacity — which includes solar, wind, and hydropower — now comes from non-fossil sources, as of May 31, 2024. <br /><div type="Article" hostid="261" msid="111774972" title="Economic Survey shows India&amp;#39;s energy needs to grow 2.5x, healthy growth in formal employment" mstype="2" mssubtype="0"></div>As per reports by the Ministry of New &amp; Renewable Energy, India added a record renewable energy capacity of 18.48 GW in 2023-2024, with solar installations amounting to 12.78 GW, followed by 2.27 GW of wind energy. However, industry experts have also noted that India Inc. cannot afford to run out of steam now, and must continue to add at least 50 GW for the next six years to meet the target of 500 GW of renewables by 2030.<br /><h2>Indian energy needs</h2>India's energy needs are expected to grow 2 to 2.5 times by 2047, as per the latest economic survey. This necessitates a balanced approach to <keyword id="19951336" type="General" weightage="20" keywordseo="energy-transition" source="keywords">energy transition</keyword> that considers resource limitations and the need for resilience to climate change.<br /><br />India has suffered from an overdependence on coal and fossil fuels in the past, accounting for around 75% of total energy generation in 2021, as per the Energy Information Administration. However, this number has been quickly falling, even dropping below a historic 50% in Q1 2024.<br /><h2>Sovereign <keyword id="20177085" type="General" weightage="20" keywordseo="green-bonds" source="keywords">green bonds</keyword></h2>To fund green projects, India issued Rs 16,000 Crore in sovereign green bonds — financial instruments that support green projects at lower capital costs — in early 2023 and another Rs 20,000 Crore later in the year, the economic survey reports. As per the government, these proceeds were utilised in many eco-friendly projects, such as New and Renewable Energy, Environment, Forests and Climate Change, Housing and Urban Affairs, Railways. To widen the investor base, the <keyword id="19899810" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="keywords">Reserve Bank of India</keyword> (RBI) also recently permitted eligible foreign investors to invest in such bonds.<br /><h2>Mission LiFE and Green Credit Programme</h2>The survey also talks extensively about Mission LiFE (Lifestyle for Environment), which promotes sustainable living, and the Green Credit Programme (GCP), which incentivises eco-friendly actions by offering “green credits”.<br /><br />In the past few months, Madhya Pradesh, Telangana and a few other states have reportedly approved thousands of hectares of degraded forest land for greening exercises as part of the GCP.<br /><h2>International initiatives</h2>India has spearheaded several international initiatives such as the International Solar Alliance (ISA), One World, One Sun, One Grid (OSOWOG), the Coalition for Disaster Resilient Infrastructure (CDRI), the Infrastructure for Resilient Island States’ (IRIS) and the Leadership Group for Industry Transition (LeadIT). Hundreds of nations are signed up for these climate coalitions and our participation will help reflect India's commitment to advancing global <keyword id="20000756" type="General" weightage="20" keywordseo="climate-action" source="keywords">climate action</keyword> and fostering international cooperation in sustainable development.<br /><div type="Article" hostid="261" msid="111923191" title="Economic Survey 2024 – industries grow by 9.5%, fueling economic growth to 8.2%" mstype="2" mssubtype="0"></div>The report even notes that India is currently the only G20 nation who is set not to cross the 2°C warming threshold. All in all, India’s economic survey and environmental reports together show a nation making impressive progress in combating climate change and advancing sustainability. These achievements will hopefully set a strong example for other countries to follow.<br />

You Searched For "budget for climate change" and got 12 results

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Union Budget 2024-25 key highlights: Angel tax to be scraped

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