Green Incentives: Driving India's Low-Carbon Revolution

The Pre-budget Survey 2024-25 emphasizes the role of financial incentives in promoting low-carbon lifestyles in India. Key measures include tax breaks on electric vehicles and subsidies for renewable energy. Various initiatives aim to foster eco-friendly practices and influence economic behavior for sustainable development.

The pre-budget survey for the fiscal year 2024-25 has highlighted tax breaks on electric vehicles and subsidies on renewable energy as effective motivators for adopting low-carbon lifestyles. Released on Friday, the survey outlines numerous mechanisms to advance sustainable development by promoting meaningful lifestyle changes.

Citing the United Nations Environment Programme's Emissions Gap Report 2020, the survey discusses various strategies, including financial incentives, to encourage both individuals and organizations to transition toward eco-friendliness. It notes that the Indian government is actively introducing measures to bolster environmental sustainability and shape economic behavior.

Prominent initiatives such as PM KUSUM and the PM Surya Ghar: Muft Bijli Yojana are already fostering the adoption of solar power. Furthermore, other efforts like high excise duties on fossil fuels and incentives for electric vehicles push citizens toward greener alternatives. The survey stresses the importance of public education on environmental impacts and the role of social campaigns and community involvement in inspiring sustainable choices.

(With inputs from agencies.)