Page 72 - Policy Economic Report -August 2026

POLICY AND ECONOMIC
OIL & GAS MARKET

crore released since the scheme's launch in February 2024. The scheme's budget has been raised from
Rs 17,000 crore in 2025-26 to Rs 22,000 crore in 2026-27, reflecting its scale and momentum. Under
PM-KUSUM, lakhs of farmers have replaced diesel-dependent irrigation with solar pumps,
transforming them from energy.

The Mumbai event follows the successful inaugural roadshow held in Jaipur on 24th August 2026.
Upcoming roadshows are scheduled across Hyderabad, Ahmedabad, Lucknow, Bengaluru and Kolkata
in the coming weeks. The MNRE and organising partners are inviting all state governments, utilities
and industry stakeholders to actively participate in these regional sessions.

11. Senior Officers from BRICS Member Countries hold discussions on Key Priorities of the Environment
Working Group and Contact Group on Climate Change and Sustainable Development in New Delhi

Under India’s BRICS Chair-ship 2026, Senior Officers’ Meeting of the Environment Working Group and
Contact Group on Climate Change and Sustainable Development was held in Bharat Mandapam, New
Delhi, on 17th August 2026. The meeting was chaired by Secretary, Ministry of Environment, Forest
and Climate Change (MoEFCC), Government of India, Shri Tanmay Kumar. The proceedings witnessed
participation from BRICS member countries including Federative Republic of Brazil, People’s Republic
of China, Arab Republic of Egypt, Federal Democratic Republic of Ethiopia, Republic of Indonesia,
Islamic Republic of Iran, Russian Federation, Republic of South Africa and United Arab Emirates.

In his keynote address, the Chair stated that over the past two decades, the BRICS alliance has
expanded from an economic dialogue into an increasingly influential platform for defining its
approach to the critical challenges facing the environment, including pressing global issues of
increasing pollution, biodiversity loss as well as global warming. He said, "Our partnership has
broadened in terms of relevance to sustainable development, climate resilience and adaptation,
resource efficiency and circular economy, as well as environmental governance."

The Chair informed that BRICS 2026 has been guided by the vision of the Prime Minister of India, Shri
Narendra Modi, that global cooperation must remain people-centric by advancing a humanity-first
approach. This vision finds expression in the Chairship theme - 'Building for Resilience, Innovation,
Cooperation, and Sustainability'. India has sought to advance environmental action through
approaches that integrate ecological sustainability with development objectives, it was stated.

Over the course of India’s Chairship, the Environment Working Group and the Contact Group on
Climate Change and Sustainable Development have together advanced cooperation across four
interconnected priority areas: Promoting Sustainable Lifestyles; Afforestation, Forest Fire
Management and Disaster Resilience; Circular Economy and Adaptation.

The Chair stated that these priorities reflect both the shared environmental challenges confronting
the BRICS countries and the collective wisdom and strength to address them. They reflect the
unanimous recognition that climate resilience, ecosystem restoration, resource efficiency and
sustainable development are deeply interconnected challenges that require integrated and holistic
responses rather than isolated interventions in silos.

August 2026 Page | 71