In Budget 2023-2024 FM proposes Rs 19,700 crores for Green Hydrogen Fuel

Finance Minister Nirmala Sitharaman stated in her Budget statement on February 1 that the recently established national Green Hydrogen Mission, with a budget of Rs 19,700 crore, will aid in the transition of the economy to a low-carbon intensity and lessen reliance on imports of fossil fuels.

"By 2030, we hope to have a 5 MMT annual production rate. The Ministry of Petroleum and Natural Gas will get a capital investment of Rs 35,000 crore to support the energy transition, the net zero objective, and energy security "FM stated.

According to FM Nirmala Sitharaman, the recently established National Green Hydrogen Mission, with a budget of 19,700 crores, will make it easier to shift the economy to one with a low carbon intensity and some reliance on imports of fossil fuels.

What do state-run businesses like Indian Oil Corporation Ltd, NTPC Ltd, GAIL India Ltd, conglomerates like Reliance Industries Ltd, Adani Group, Larsen & Toubro Ltd, and renewable energy firms like ReNew Power and ACME Group have in common?

Everyone wants to expand into green hydrogen

On July 4th, 2021, the "National Hydrogen Mission" was started by Prime Minister Narendra Modi from the Red Fort. The National Green Hydrogen Mission, with a total initial budget of Rs 19,744 crore, was authorised by the Union Cabinet on January 4.

Companies are already preparing for green hydrogen even though the first financial contribution to it has only recently been declared and the specifics of the programme have not yet been revealed.