Bhagwant Khuba, union minister of state for new and renewable energy, has invited developed countries and major investors to invest in the Indian renewable energy sector.
India is targeting net-zero emissions by 2070 and 500 GW of installed non-fossil energy capacity by 2030. The nation’s vast renewable energy resource potential and strong policy backing provide a strong foundation for achieving these goals, said Khuba, who visited Intersolar Europe 2022 this week in Munich, Germany.
With its ambitious goals and enabling policies, “India offers a great opportunity for investments,” said the minister. “Currently, around $196.98 billion worth of projects are underway in India.”
Khuba also emphasized that India is committed to promoting domestic manufacturing in the solar PV sector to achieve its ambitious deployment goals. Several policy measures have already been undertaken to support the domestic PV manufacturing sector.
A total budget outlay of INR 24,000 crore ($3.1 billion) will increase domestic manufacturing of high-efficiency solar modules. And to promote a green hydrogen economy, India has an estimated outlay of INR 25,425 crore.
India has facilitated incredible growth in renewable capacity over the last seven years. The nation achieved 40% of cumulative electricity generation capacity from non-fossil-fuel sources in 2021 – nine years ahead of the 2030 target date.
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