In the interim budget for 2024, Finance Minister Nirmala Sitharaman emphasized sustainable development by promoting green energy. The budget outlines measures to boost India's bioenergy sector, anticipating a significant impact on the industry. The government's policies aim to reshape the landscape, boosting the widespread adoption of biofuels throughout the country. This strategic focus on environmentally friendly alternatives reflects a commitment to both economic growth and ecological sustainability.
Commenting on the impact of 2024 budget on biofuel landscape, Suhas Baxi, Co-Founder and CEO, BioFuelCircle said "The Honourable Finance Minister’s mention in the Interim Budget 2024 of providing financial assistance for the procurement of biomass aggregation equipment addresses one of the biggest bottlenecks in the green energy supply chain. This will now help create strong rural enterprises focused on the bioenergy sector. We are also excited to hear about the initiatives that the government has planned for the growth of biofuel adoption through the proposed phased mandatory blending of Compressed Biogas (CBG).”
“BiofuelCircle’s commitment towards the creation of a dependable supply chain for bioenergy and the facilitation of dynamic market-based participation to drive scalability of the bioenergy sector is unwavering and we look forward to contributing significantly to India’s journey towards sustainability," he concluded.