Great opportunity for investors in renewable energy sector in India: PM
On Thursday, Prime Minister Narendra Modi invited global investors to do business in the renewable energy sector in India and said that the country is developing rapidly in this area and favorable policies have been made for this. Addressing the inaugural session of the third Global Renewable Energy Investment Conference and Exhibition (Re-investment) through ‘Video Conference’, he said, “India has plans for large-scale development in the renewable energy sector in the next decade.” This is expected to generate business opportunities of about $20 billion annually. “Today, India’s renewable energy capacity is the fourth largest in the world, growing at a faster pace than all the big countries,” said Modi. He said, “India’s renewable energy capacity currently stands at 1,36,000 MW, which is 36 percent of our total capacity. Our renewable energy generation capacity will be 2,20,000 MW by 2022.”
“India has decided to provide production-based incentives for high-efficiency solar modules, like manufacturing of electronics goods,” Modi said. He also said, “India is a preferential destination in terms of investment. There has been an investment of Rs 5 lakh crore in renewable energy in the last decade. The Prime Minister said, “India is expanding renewable energy generation capacity network to provide electricity to every citizen’s homes.”
The re-investment will continue for 3 days. According to estimates, ministers from 75 domestic governments around the world, close to 1000 industry veterans and 50,000 other participants will participate in the event.
