The Finance Minister stated that the objective is to attain an annual production of 5 MMT green hydrogen by 2030 and that the 2023 budget allocates INR 19,700 crore for green hydrogen production. This investment will help to accelerate the development of green hydrogen technology and promote wider adoption, contributing to a cleaner, more sustainable future for India. Also, initiatives in various economic sectors have been implemented to lower carbon intensity and generate green jobs.
The government is also taking steps to develop a well-trained workforce to support the growth of the hydrogen industry and make sure that necessary technical and professional abilities are readily available.
Hydrogen is a renewable and clean energy source that can be obtained from various sources such as water, natural gas, and biomass. By boosting hydrogen production and use, India can cut back its reliance on fossil fuels, lower greenhouse gas emissions, and help achieve a cleaner and more sustainable future. Hence, the allocation of 19,000 crore for green hydrogen in the 2023 budget is a major step forward for the Indian clean energy sector.