India’s plans for renewables for 2030 will translate into an investment opportunity of around Rs 1 lakh crore per year, said RK Singh, Minister for New and Renewable Energy (MNRE).
The Minister further added that, in India during the last six years, more than Rs 4.7 lakh crore were invested and India has become a favoured destination for investment in renewable.
Adding to it, he said that, India has very liberal foreign investment policy for renewables, allowing foreign investors, either on their own or in joint ventures with Indian partners, to set up renewable energy based power generation in India.
By 2022, the share is expected to further increase to over 220 GW. He further mentioned that while COVID 19 has caused significant disruption, the renewable energy sector has rebounded remarkably. The pace of bidding for RE projects since the lock down is even faster than the corresponding period last year.
RK Singh also informed that during the last six years, India’s renewable energy capacity has increased by two and half times. Solar energy capacity has increased 13 times. The share of non-fossil fuel energy sources in our power generation capacity has increased to 136 GW, or about 36 per cent of our total capacity.
The Minister also informed about efforts for creating an enabling ecosystem for domestic manufacturing of solar photovoltaic (PV) cells and modules. Government schemes alone have created a domestic demand and assured market of around 40 GW of domestically manufactured solar PV cells and modules. He further informed about the recently announced Production Linked Incentive for manufacturing Solar PV, which is expected to give a fillip to domestic manufacturing.
The Minister also stated that the Government had taken a number of facilitative policy measures to ensure “ease of doing business” for renewable energy in the country, and to address any emergent challenges. RE-INVEST is also an step in this ongoing process which will inform about the Government’s plans and programmes and also foster engagement among industry, investors and other stakeholders to take forward India’s renewable growth story.
Prime Minister Narendra Modi will inaugurate the virtual 3rd Global Renewable Energy Investment Meeting and Expo (RE-INVEST 2020), on 26 November 2020. The Secretary of State for Business, Energy and Industrial Strategy, UK & President COP-26; and the Minister of Energy, Utilities and Climate, Denmark will attend and speak in the inaugural session.