PM Modi Reveals India’s $20bn Renewable Energy Plan

Prime Minister Narendra Modi said that there are huge renewable energy deployment plans for the next decade, which are likely to generate business prospects of the order of around $20 billion per year. Inviting the global investors, developers, and businesses to join India’s renewable energy journey, PM Modi added that India has a very liberal foreign investment policy for renewables.

The foreign investors can either invest on their own or they can collaborate with an Indian company, PM Modi further said. After the success of PLI in electronics manufacturing, the government has decided to give similar incentives to high-efficiency solar modules. The Prime Minister underlined that ensuring ‘Ease of doing business’ is the government’s utmost priority and the country has established dedicated Project Development Cells to facilitate investors.

Highlighting the achievements of India in the green energy sector, PM Modi said that in the last 6 years, India has travelled on an unparalleled journey and it is expanding our generation capacity and network to ensure every citizen of India has access to electricity to unlock his full potential. PM Modi added that in the earlier editions, Indian shared its plans for a journey from megawatts to gigawatts in renewable energy, and “One Sun, One World, One Grid” to leverage solar energy. In a short time, many of these plans are becoming a reality, PM Modi added while speaking at the inauguration of the virtual 3rd Global Renewable Energy Investment Meeting and Expo.