Prime Minister Narendra Modi today said that there are huge renewable energy deployment plans for the next decade, which are likely to generate business prospects of the order of around $20 billion per year. Inviting the global investors, developers, and businesses to join India’s renewable energy journey, PM Modi added that India has a very liberal foreign investment policy for renewables. The foreign investors can either invest on their own or they can collaborate with an Indian company, PM Modi further said. After the success of PLI in electronics manufacturing, the government has decided to give similar incentives to high-efficiency solar modules. The Prime Minister underlined that ensuring ‘Ease of doing business’ is the government’s utmost priority and the country has established dedicated Project Development Cells to facilitate investors.
Highlighting the achievements of India in the green energy sector, PM Modi said that in the last 6 years, India has travelled on an unparalleled journey and it is expanding our generation capacity and network to ensure every citizen of India has access to electricity to unlock his full potential. PM Modi added that in the earlier editions, Indian shared its plans for a journey from megawatts to gigawatts in renewable energy, and “One Sun, One World, One Grid” to leverage solar energy. In a short time, many of these plans are becoming a reality, PM Modi added while speaking at the inauguration of the virtual 3rd Global Renewable Energy Investment Meeting and Expo.
PM Modi further said that today India’s renewable power capacity is the fourth largest in the world and it is growing at the fastest speed among all major countries. The renewable energy capacity in India is currently 136 Giga Watts, which is about 36 per cent of our total capacity, he informed. In the discussion, Dan Jorgensen, the Minister of Climate and Energy and Public Utilities, Denmark, said that renewables will not just power our homes and offices but also power up our employment rates. He added that Denmark is in support of India’s renewable energy vision and that of saving the planet with smart decisions.
Meanwhile, the theme for RE-Invest 2020 is ‘Innovations for Sustainable Energy Transition’, and the event will continue for three days. It will include renewables and future energy choices, and an exhibition of manufacturers, developers, investors, and innovators. It is expected to be attended by over 75 international ministerial delegations, over 1,000 global industry leaders, and 50,000 delegates. The event aims to accelerate the global effort to scale up the development and deployment of renewable energy and connect the global investment community with Indian energy stakeholders.