Prime Minister Narendra Modi said on Thursday that India will offer production-related incentives for solar modules of higher capacity. He said that this would boost the production of energy from renewable sources which has the potential to generate an annual turnover of $ 20 billion. Speaking at the Re-Invest 2020 conference, he invited global investors to join India’s renewable energy journey.
Plan for large-scale development in the renewable energy sector: Modi
He said that India has plans for large-scale development in the renewable energy sector in the next decade. This is expected to generate about $ 20 billion worth of business annually. Modi said that today India’s renewable energy capacity is the fourth largest in the world, the fastest growth is happening in comparison to all the big countries. He said that India’s renewable energy capacity currently stands at 1,36,000 MW, which is 36 percent of our total power generation capacity. Our capacity for renewable energy generation will be 2,20,000 MW by 2022.
Ensuring ease of doing business is a priority: Modi
Modi said that after the success of the Production Based Incentive (PLI) scheme for manufacturing of electronic goods, he has decided to give the same kind of incentive for solar modules of higher capacity. He said that his priority is to ensure the ease of doing business. A separate project development cell has been set up to make things easier for investors. The Prime Minister said that in the last six years he has increased two and a half times the installed renewable energy capacity. Our annual renewable energy generation capacity growth is higher than the increase in the capacity of coal-fired power stations from 2017.
The Prime Minister said that even when renewable energy was not cheap, investments were made in this area. Now the cost has come down due to increased investment and large scale work. Modi said that in the last six years, India has moved rapidly in the renewable energy sector. Modi said that he is expanding the renewable energy generation capacity, network to provide electricity to the homes of every citizen.