Union Budget 2023-24 puts India on the path to food and energy security
By extending Centre's 50-year low-cost capital support by another year, states can clean up their balance sheet for future financing
Representational image. Moneycontrol
As G20 President, India has set the tone by committing leadership to transition to the green economy. Given our fundamental dependency on fossil fuels up to now, Budget 2023 earmarks $4.0 billion to enable green hydrogen to be established as a primary fuel source.
Providing green credits to society
With a target of 5 MMT from Green Hydrogen by 2030, and a visionary move to provide green credits to industry (to accelerate adoption and transition to Green hydrogen), India is setting the rubric for other Nations to follow. Green hydrogen will become a trillion Dollar Industry in India by 2030, therefore delivering energy security and making India the new prosperous Middle-East region in the world. Along with that including a digital marketplace for farmers, infusion of new skill sets and technology (drones), and startup capital in the sector will drive innovation and Farmer’s productivity and income significantly.
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AgriTech with Drones + AI + Capital looks to partner with farmers to solve for looming food crisis and establish a strong platform of Food Security for India.
Focus on enhancing skilling
Our finance minister also paid attention to the education sector as they upgrade the Pradhan Mantri Kaushal Vikas Yojana into PMKVY 4.0 which has great potential when it is executed well. States across the nation have fragmented Skills platforms, a plethora of legacy Skill infrastructure, and content with educators that are outdated. Budget 2023 addresses all this.
With strong Industry partners, Ed4All will partner with states and centres to build basic jobs needed for tomorrow in a green economy and sustainability by skilling youth for them, today. A cascading model from skill university (at the state level) to skill spokes (at the Assembly constituency level) coupled with internships/apprenticeships for hands-on application of theoretical knowledge at industry partners’ facilities can deliver PMKVY 4.0 that powers India to First World Nation status.
Why states can clean up their balance sheet for future financing
This Budget is one with the most sector-specific, pro-growth, and global leadership (befitting our G20 presidency) dimensions we have seen in a long time. I believe Budget 2023-24 addresses the twin crisis facing mankind and puts India on the path to Food and Energy Security. Additionally, by extending Centre’s 50-year low-cost capital support by another year, states can clean up their balance sheet for future financing (Municipal Bonds that will be the rage in 2023 and beyond, as investors flock to Sovereign-supported investments), and invest in Digital Infrastructure that will position India well in the Techade.
The writer is the Chairman, AdiGroup. He tweets @sanjay_viswa , @AdiPartners @Bleap_Ed4. All Views are personal.
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