India’s RE plan for next decade to generate biz prospects of $20 bn/year: PM Modi at RE-invest 2020

• Our annual renewable energy capacity addition has been exceeding that of coal based thermal power since 2017, said Modi

• The PM said after the success of PLI in electronics manufacturing, the government has decided to give similar incentives to high-efficiency solar modules

New Delhi: Inaugurating 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) through video conferencing on Thursday, Prime Minister Narendra Modi said that India's renewable power capacity is the fourth largest in the world and the country's renewable energy (RE) deployment plans for the next decade will create business prospects of around $20 billion every year. Modi said that in the renewable energy sector, within a short time, the progress from megawatts to gigawatts in generation capacity and "One Sun, One World, One Grid" are becoming a reality, all of which were discussed in the earlier editions of RE-Invest.

PM at RE-Invest 2020: RE comprises 36% of India's total capacity

The PM said that in the last six years, India has been on an unparalleled journey. He pointed out that India's generation capacity and network is being expanded to ensure every citizen of India has access to electricity to unlock his full potential. He said that today, India's renewable power capacity is the 4th largest in the world and is growing at the fastest speed among all major countries. The renewable energy capacity in India is currently 136 GW, which is about 36 percent of India's total capacity, he noted.

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"You would be happy to know that our annual renewable energy capacity addition has been exceeding that of coal based thermal power since 2017. In the last 6 years, we increased our installed renewable energy capacity by two and half times," said the Prime Minister.

'India has shown the world sound environmental policies can be sound economics'

While highlighting India's role as one of the pioneers of renewable energy, Modi said, "Even when it was not affordable, we invested in renewable energy. Now our investment and scale is bringing costs down. We are showing to the world that sound environmental policies can also be sound economics." He said that energy efficiency is not limited to one ministry or department, instead it has been made a target for the entire government. "All our policies are geared towards achieving energy efficiency," said the PM.

Govt planning to bring in PLI for high-efficiency solar modules: PM

The Prime Minister said after the success of Performance Linked Incentives (PLI) in electronics manufacturing, the government has decided to give similar incentives to high-efficiency solar modules. He stressed that ensuring "Ease of doing business" is the government's utmost priority and dedicated Project Development Cells have been established to facilitate investors. He announced that there are huge renewable energy deployment plans for the next decade and they are likely to generate business prospects of the order of around $20 billion per year. He invited investors, developers and businesses to join India's renewable energy journey.

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