$197 bn worth of renewable energy projects underway in India: Bhagwant Khuba

Bhagwant Khuba, Union Minister of State for New and Renewable Energy, has invited global investors to invest in India’s clean energy industry. Addressing investors at a conference in Munich, Germany, he stressed that projects worth around $196.98 billion are underway in the sector.

Khuba delivered the keynote address at ‘Intersolar Europe 2022’ on “India’s Solar Energy Market. He said under Prime Minister Narendra Modi’s ambitious Panchamrit targets set during COP26, India is all set to achieve net zero by 2070 and install 500 GW of non-fossil fuel capacity by 2030.

The minister further said 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 the last seven years and has achieved the target of 40 per cent cumulative electric capacity from non-fossil fuels in 2021, a full nine years ahead of the target of 2030.

Government of India is committed to promoting domestic manufacturing in the solar photovoltaic (PV) sector to achieve its ambitious deployment goals. Several policy measures have been undertaken to support the domestic PV manufacturing sector.

The minister also emphasised that India is committed to increasing domestic manufacturing of high-efficiency solar PV modules for which total budget outlay of $309.69 million has been made.

Further, to promote green hydrogen economy, India has estimated an outlay of $328.08 million.

The Green Hydrogen Mission eyes generating 4.1 million tonnes of green hydrogen annually.