India has launched the National Green Hydrogen Mission (NGHM) on Wednesday.
The government has allocated a budget of 197.44 billion Indian rupees (2.38 billion U.S. dollars) for this mission.
According to the announcement made by the government, the mission will facilitate demand creation, production, utilization, and export of green hydrogen.
The national mission encompasses the Strategic Interventions for Green Hydrogen Transition Program for which 2.11 billion U.S. dollars has been earmarked.
The NGHM is expected to lead to the development of green hydrogen production capacity of at least 5 MMT (million metric tons) annually.
Besides, it will consist of an associated renewable energy capacity addition of about 125 GW in the country, the government statement reads. There will be cumulative reduction in fossil fuel imports of over 12 billion U.S. dollars.
The government further stated that the mission will have wide ranging benefits including “creation of export opportunities for green hydrogen and its derivatives, decarbonization of industrial, mobility and energy sectors, reduction in dependence on imported fossil fuels and feedstock, development of indigenous manufacturing capabilities, creation of employment opportunities, and development of cutting-edge technologies.”