Zarin Daruwala, Cluster CEO, India and South Asia markets (Bangladesh, Nepal and Sri Lanka), Standard Chartered Bank, says the interim budget has reiterated the government’s focus on a sustainable energy transition and its resolve to meet ‘net-zero’ commitments. In a reaction to the just announced budget, she says: “Standard Chartered has committed to mobilise USD 300 billion towards green and transition finance in its footprint markets and is a leading bank for ESG and renewable energy financing in India. The biggest enabler here has been the Government’s focus on a sustainable energy transition and its resolve to meet ‘net-zero’ commitments, which has been reiterated in the interim budget through the viability gap funding and financial assistance measures introduced for offshore wind and biomass aggregation.”
The plan to blend compressed bio-gas for energy and transport, she says, aligns with the government’s circularity theme and leverages on the abundant availability of bio-mass. “The proposed payment security mechanism for e-buses will catalyse private capital in this space and measures for coal gasification will drive self-sufficiency and reduce reliance on global oil markets,” she says.
Other than sustainability, Daruwala also finds, “some clear and heartening themes which emerge from the interim budget. One is that of “consistency”, where the government has retained focus on the fiscal consolidation by accelerating debt reduction and in continuing its capex thrust. Both of these, by way of lower interest rates and crowding in respectively, will trigger and help grow private investments, she says.
