NEW DELHI: Prime Minister Narendra Modi on Thursday mentioned production-linked incentives much like these for digital manufacturing can be supplied for high-efficiency photo voltaic modules to spice up the era of electrical energy from renewable sources which has the potential […]
NEW DELHI: Prime Minister Narendra Modi on Thursday mentioned production-linked incentives much like these for digital manufacturing can be supplied for high-efficiency photo voltaic modules to spice up the era of electrical energy from renewable sources which has the potential to generate an annual enterprise of $20 billion.
Talking on the RE-Make investments 2020 convention, he invited world buyers to hitch India’s renewable vitality journey.
“There are big renewable vitality deployment plans for the subsequent decade,” he mentioned, including that these are prone to generate enterprise prospects of the order of round $20 billion per yr.
“Immediately, India’s renewable energy capability is the fourth largest on the earth. It’s rising on the quickest pace amongst all main nations,” he mentioned.
Renewable vitality capability will rise to 220 GW by 2022 from the present 136 Giga Watts (GW), he added.
Renewable vitality capability at current is about 36 per cent of India’s whole electrical energy producing capability.
Modi mentioned that after the success of Manufacturing Linked Incentives (PLI) in electronics manufacturing, “we have now determined to offer comparable incentives to high-efficiency photo voltaic modules”.
He, nonetheless, didn’t elaborate.
Stating that guaranteeing ‘ease of doing enterprise’ was the utmost precedence, he mentioned a devoted venture growth cell has been established to facilitate buyers.
“Within the final six years, we elevated our put in renewable vitality capability by two and half instances,” he mentioned. “Our annual renewable vitality capability addition has been exceeding that of coal-based thermal energy since 2017.”
Even when it was not inexpensive, investments have been made in renewable vitality. Now, investments and scale are bringing prices down, he mentioned.
Noting that within the final six years, India has been travelling on an unparalleled journey, Modi mentioned, “we’re increasing our era capability and community to make sure each citizen of India has entry to electrical energy to unlock his full potential”.