The Interim Budget 2024-25 has introduced various measures to support the green energy sector in India. Some of the key initiatives are:
- Financial assistance for procurement of biomass aggregation machinery to facilitate biogas production and blending with piped gas and CNG.
- A new scheme of bio-manufacturing and bio-foundry to provide environment-friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals, and bio-agri-inputs.
- A 10-year tax holiday for green hydrogen production and utilization projects.
With these measures will help India achieve its ambitious targets of reaching 500 GW of non-fossil energy capacity by 2030 and reducing emissions intensity by 45% for 2040.
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