“The attention and allocation to building a green infrastructure and a decarbonised energy regime is the core of the union budget which puts India on the path of being future proof. The ₹ 35,000 crore allocation for energy transition along with an ambitious target of 5 MMT of hydrogen will unleash new demand impulses across the length and breadth of the country, thereby fielding green growth. This has been complemented by a custom duty and tax reliefs for green mobility.”
– Mr Prashant Ruia, Director, Essar Capital
“The Union Budget 2023 has encompassed almost all critical sectors and holds a lot of promise for the economy. The Budget witnesses some of the biggest updates for the finance and infra sector which will be a transformative approach for economic growth and sustainable development in India. Clear emphasis on Green growth will certainly pave the way toward clean energy transition. We are also happy to note the Government’s efforts in propelling areas such as Youth power and Women, Inclusive development and Unleashing the potential, all of which envision a prosperous, inclusive India in which the fruits of development will benefit all sections of the society.”
– Mr Sanjay Palve, Senior Managing Director, Essar Capital
“The Union Budget 2023 is a significant one, continuing the trend towards more productive capital expenditure. It gives a major thrust to the transport infra sector. We welcome the provisions for ease of doing business which will help lay the foundation for big private investments in infrastructure development. An increased emphasis on promoting coastal shipping as low energy mode will be a critical enabler transitioning towards green growth. In addition, its higher capital outlay for Infra being hiked by 33% to Rs 10 lakh crore will reward the sector and counter global headwinds. The massive push on the capex spending and infrastructure development will go a long way in fulfilling the nation’s ‘AatmaNirbhar’ dream.”
– Mr Rajiv Agarwal, Operating Partner (Infrastructure) – Essar and Managing Director – Essar Ports
“The Union Budget 2022-2023 reflects the country’s rapid economic growth whilst projecting a bright future. Honourable FM has based the budget on 7 priorities wherein Green growth has been given a major spotlight which is the current need of the hour for the energy sector. Green hydrogen will emerge as an important instrument to decarbonise the energy value chain, including the corporate sector. The status quo on custom duty on lithium ion batteries is a welcome step and will promote energy storage and help to provide round-the-clock renewable power at reduced cost. The amalgamated steps taken will not only help reduce carbon intensity of the economy but will simultaneously help create job opportunities. The ultimate goal is to reduce dependence on fossil fuel inputs and make the country assume technology and market leadership in this sunrise sector. This is a growth oriented budget and the efforts made towards green growth including policies and fund allocations will help us achieve the target of green hydrogen production of 5 mn tonne by 2030.”
– Mr Kush Singh, CEO, Essar Power
“The Union Budget 2023 is progressive and futuristic, rightly focusing on Sustainability, Green Growth and on India’s net zero targets. Customs duty relief on chemicals to boost ethanol blending is a step in the right direction and will give a major push towards energy transition. Provisions made under the GOBARdhan scheme will promote and steer a circular economy on the sustainable development path. Our Hon’ble FM has ticked all the right boxes with a vision for India’s future and has taken a number of well-intentioned steps aimed at keeping the domestic macro-fundamentals strong amidst the ongoing global uncertainty.”
– Mr Pankaj Kalra, CEO, Essar Oil and Gas Exploration & Production Ltd.
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