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Based on demand, production, and even consumption, India will become a major green hydrogen hub by 2040. In addition to the Indian economy, the per capita income will also be affected.
During the release of the Government Budget for FY24, the PLI scheme was allocated a budget of â‚ą19,700 crores for promoting green hydrogen. The minister said that while the announced budget will advance production. The resources for the project are not lacking. India will head in the sector of green hydrogen in terms of advancements.
Puri also emphasized that the energy transition is accelerating. As an example, ethanol blending, which was at 1.4% in 2014, reached 10% in November last year. The target of 20% for 2030 has been preponed to 2025 considering the fast transition.
As per sources the Indian Economy will grow beyond 20 trillion dollars and the per capita income will grow 10X in the next 15 years. While addressing energy requirements Puri also mentioned that the exploration and production activities will rise and affordability and spending will make green house transition at a fast pace.
This will also help India to cater to both domestic and global demands. For making this possible huge emphasis is to be placed on affordability and an administered price mechanism.
- Kratika Agarwal
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