Explain the concept of green budget and bring out the green budgeting initiatives in India.

Green Budget: Fostering Sustainable Development

The concept of a green budget revolves around integrating environmental considerations into fiscal policies and government expenditures. It is an approach that aligns budgetary allocations with environmental sustainability goals, aiming to address ecological challenges and promote a harmonious coexistence between economic development and environmental conservation.

Green Budgeting Initiatives in India:

1. National Action Plan on Climate Change (NAPCC): India's NAPCC emphasizes the integration of climate change concerns into various sectors, including finance. It promotes green budgeting by ensuring that climate-related expenditures and initiatives are reflected in the national budget.

2. Renewable Energy Sector Allocations: The Indian government has consistently increased budgetary allocations for the renewable energy sector. Initiatives like the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) and Atal Jyoti Yojana receive financial support to promote solar energy adoption in agriculture and rural areas.

3. Afforestation and Biodiversity Conservation: Green budgeting initiatives prioritize afforestation and biodiversity conservation. Budget allocations are directed towards projects like the National Afforestation Programme (NAP) and Green India Mission, supporting ecosystem restoration and conservation efforts.

4. Clean Ganga Fund: The Namami Gange program, aimed at rejuvenating the Ganges River, is supported by the Clean Ganga Fund. This initiative involves budgetary provisions to address pollution, promote sustainable waste management, and ensure the overall health of the river ecosystem.

5. Water Conservation and Management: Budget allocations are dedicated to water conservation and management projects, such as the Jal Jeevan Mission. This initiative aims to provide tap water connections to every rural household, emphasizing sustainable and judicious use of water resources.

6. Electric Mobility and Pollution Control: Green budgeting promotes the adoption of electric vehicles to curb air pollution and reduce reliance on fossil fuels. Schemes like Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) receive financial support for incentivizing electric mobility.

7. Solid Waste Management: The Swachh Bharat Abhiyan, with a focus on cleanliness and sanitation, includes budgetary provisions for solid waste management. This initiative supports sustainable waste disposal practices, recycling, and the creation of infrastructure for waste management.

8. National Clean Air Program (NCAP): NCAP is a comprehensive initiative addressing air quality concerns. Budget allocations support measures like the promotion of cleaner technologies, monitoring air quality, and implementing pollution control strategies in major urban centers.

9. Green Bonds and Sustainable Financing: The issuance of green bonds is an innovative financing mechanism aligned with green budgeting. These bonds raise funds specifically for environmentally friendly projects, fostering sustainability in infrastructure development.

10. Environmental Impact Assessment (EIA): The budget supports the implementation of robust Environmental Impact Assessment processes, ensuring that developmental projects consider their ecological consequences and adhere to environmental norms.

These initiatives collectively demonstrate India's commitment to integrating environmental concerns into budgetary decisions. The emphasis on green budgeting reflects a broader acknowledgment of the interconnectedness between economic development and environmental well-being, fostering a path towards sustainable and responsible governance.