Inaugurating the virtual 3rd Global Renewable Energy Investment Meeting and Expo, RE-Invest 2020 on Thursday evening, Prime Minister Narendra Modi said India’s renewable power capacity is the 4th 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 the country’s total capacity, he said adding India is travelling on an unparalleled journey since last 6 years.
He said the country is expanding generation capacity and network to ensure every citizen has access to electricity to unlock their full potential.
The Prime Minister said India’s annual renewable energy capacity addition has been exceeding that of coal-based thermal power since 2017. In the last 6 years, India has increased installed renewable energy capacity by two-and-half times.
He said even when it was not affordable, India invested in renewable energy and this is bringing costs down. India is showing to the world that sound environmental policies can also be sound economics, said the Prime Minister.
PM Modi said his government has not limited this mission only to one ministry or department but ensured that it becomes a target for the entire government. He said all their policies have a consideration of achieving energy efficiency.
He added that ensuring “Ease of doing business” is the utmost priority and dedicated Project Development Cells have been established to facilitate investors.
He invited investors, developers and businesses to join India’s renewable energy journey as there are huge renewable energy deployment plans for the next decade. He stated that these are likely to generate business prospects of the order of around 20 billion dollars per year.
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.