By SHRI RAM SHAW
(The views expressed is based on the conversation with well-known entrepreneur Isha Tripathi)
NEW DELHI: As India focuses on manufacturing and Make In India, reducing logistics costs and enhancing efficiency through continuous investment in modernization by both the government and the private sector is crucial. Government initiatives such as Gati Shakti, Harit Sagar, Sagarmala, and Maritime Amrit Kaal Vision 2047 are pivotal in facilitating this transformation.
LNG has a key role to play in India’s energy mix as the country aims to walk the line between growth and sustainability. Its potential as a bridge fuel in India’s energy transition can only be realised with creation of virtual pipelines. Our expectations from the budget would be to create an ecosystem conducive to the setting up of such virtual pipelines. At the same time we call for greater focus on implementing the reforms enacted to promote natural gas use and call for natural gas to be given infrastructure status so that we can maintain our rapid pace of economic growth without compromising progress on our sustainability goals.
As India continues its journey towards a future of net-zero emissions, we commend the government’s forward-thinking approach to sustainability and applaud its ambitious green objectives. Furthermore, we appreciate the government’s strategy to reduce carbon emissions while ensuring a reliable base load through thermal power plants. Promoting technologies like Advanced Ultra Super Critical (AUSC) power plants underscores this commitment, offering reduced carbon footprints compared to traditional plants.
As we approach the Union Budget 2024, we anticipate strategic initiatives that will drive growth and sustainability. We hope to see significant allocations towards renewable energy projects, enhanced grid infrastructure, and innovative technologies. Additionally, policy reforms aimed at reducing regulatory bottlenecks and promoting private investment will be crucial. These measures will not only help in meeting the growing energy demands but also in achieving the nation’s ambitious targets for a greener and more resilient energy future.
With economic activities on the rise and considering the geo-political scenario, the demand for Oil & Gas is expected to remain stronger for longer. As the country has plans to raise share of gas in energy mix to 15%, we foresee that the upcoming Union Budget prioritize policy frameworks and measures for the Oil and Gas sector. Addressing the tax structure in this sector is imperative as natural gas, crude oil, and other petroleum products remain outside the GST ambit, leading to an increasing demand for their inclusion in the GST regime. The government’s policy reforms can significantly strengthen the energy sector and ensure stability amidst volatile global crude markets. We aim this upcoming budget will focus on growth, collaboration between industry stakeholders and policymakers will be crucial ones for incessant development.
Economic Survey reflects accelerating growth
Economic Survey presented by Union Finance Minister Mrs. Nirmala Sitharaman in Parliament is an important document for a developed India. It is a significant step towards Prime Minister Narendra Modi’s vision of a developed India, which clearly shows the rapidly growing GDP and the declining unemployment rate.
This Economic Survey has placed special emphasis on the private sector, PPP, and the agriculture sector, and the country’s GDP growth is estimated to be between 6.5 to 7 percent, which is a positive sign for trade and the economy. The decline in unemployment figures shown in the survey is a solid rebuttal to those criticizing the government. The survey also indicates a surge in private investment, which is very good news for us. Additionally, it shows the possibility of a significant reduction in India’s fiscal deficit by 2026.