Renewable Energy Projects Worth $196.98 Bn Underway in India

Union Minister of State for Ministry of New and Renewable Energy, Shri Bhagwant Khuba attended the Intersolar Europe 2022 held at Munich, Germany. The Minister delivered key note address at the investment promotion event on “India’s Solar Energy Market”.

Shri Bhagwant Khuba in his keynote address said that ‘As Hon’ble PM Modiji’s ambitious Panchamrit targets set during COP-26 India is all set to achieve net-zero by 2070 and install 500GW of non fossil by 2030.’ Shri Khuba said that India’s vast renewable energy resource potential and strong policy backing provide a strong foundation for achieving these goals.

He pointed out that India has seen incredible growth of RE capacity in last 7 years and has achieved target of 40% cumulative electric capacity from non-fossil fuel in 2021, 9 full years ahead of set target of 2030. Government of India is committed to promoting domestic manufacturing in the solar PV sector to achieve its ambitious deployment goals. Several policy measures have been undertaken to support the domestic PV manufacturing sector.

India committed to increase domestic Manufacturing of high efficiency Solar PV modules: Shri Khuba

The Minister also emphasized that India is committed to increase domestic Manufacturing of high efficiency Solar PV modules for which total budget outlay of Rs. 24,000 is made. Further to promote green hydrogen economy India has estimated outlay of Rs. 25,425 Cr. The Green Hydrogen Mission has expected outcome of generating 4.1 Million Tonnes of annual Green Hydrogen production.

‘Further India offers a great opportunity for investments. Currently around $196.98 bn worth of projects are underway in India. I once again invite all the developed countries and major RE players to utilise the opportunity India is offering to the world’, says Minister.