NEW DELHI: Prime Minister Narendra modi On Thursday, it said production-linked incentives similar to those in electronics manufacturing will be offered for high-efficiency solar modules to boost electricity generation from renewable sources that has the potential to generate a annual business of $ 20 billion.
Speaking at the RE-Invest 2020 conference, he invited global investors to join India renewable energy trip.
“There are huge renewable energy deployment plans for the next decade,” he said, adding that they are likely to generate business prospects on the order of about $ 20 billion per year.
“Today, India’s renewable energy capacity is the fourth largest in the world. It is growing at the fastest rate of any major country,” he said.
Renewable energy capacity will increase to 220 GW by 2022 from the current 136 Giga Watts (GW), it added.
Renewable energy capacity at present is about 36% of India’s total electricity generating capacity.
Modi said that after the success of production-linked incentives (PLI) in electronics manufacturing, “we have decided to give similar incentives to high-efficiency solar modules.”
However, he did not elaborate.
Stating that ensuring “ease of doing business” was the top priority, he said a dedicated project development cell has been set up to facilitate investors.
“In the last six years, we have increased our installed renewable energy capacity by two and a half times,” he said. “Our annual addition of renewable energy capacity has exceeded that of coal-based thermal energy since 2017.”
Even when it was not affordable, investments were made in renewable energy. Now, investments and scale are reducing costs, he said.
Noting that in the last six years, India has made an unparalleled journey, Modi said that “we are expanding our generation capacity and our network to ensure that all citizens of India have access to electricity to realize its full potential.”
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