Union Budget 2023: GOBARdhan Scheme to Promote Circular Economy With Investment of Rs 10,000 Crore

Union Budget 2023: Govt proposes to make new tax structure as default tax

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday said 500 new 'waste to wealth' plants under GOBARdhan (Galvanizing Organic Bio-Agro Resources Dhan) scheme will be established for promoting circular economy.

These will include 200 compressed biogas (CBG) plants, including 75 plants in urban areas, and 300 community or cluster-based plants at total investment of Rs 10,000 crore. Presenting the Union Budget for 2023-24, she also said the government will facilitate 1 crore farmers to adopt natural farming.

Besides, the government will take up mangrove plantations along the coastline under the new MISHTI scheme, she added. Sitharaman also said the government would promote conservation values through a scheme to encourage optimal use of wetlands.

Further, a green credit programme will be notified to incentivise environmentally sustainable and responsible actions by companies, she said.

Gaurav Kedia, Chairman, Indian Biogas Association said the Budget prioritizes the adoption of green fuel, energy, and building practices to reduce carbon intensity and create new green job opportunities.

"The 7 main priorities, referred to as "Saptrishi," aim to drive sustainable and environment-friendly economic development. The government's commitment to this "green growth" approach is a step towards building a cleaner and more prosperous future for all Indians," he added.