Renewable energy projects worth $197 billion underway in India

  • A total of 493 projects are underway including 464 government-aided projects, according to government data.

Rituraj Baruah
First Published13 May 2022
Union minister of state for ministry of new and renewable energy, Bhagwant Khuba. ANI Photo
Union minister of state for ministry of new and renewable energy, Bhagwant Khuba. ANI Photo

Union minister of state for ministry of new and renewable energy, Bhagwant Khuba on Friday said that renewable energy projects worth nearly $197 billion are underway in India.

Addressing the event ‘Intersolar Europe 2022’ in Munich, Germany on India’s solar energy market, Khuba said that India offers great opportunity for investments in the renewable energy space.

A total of 493 projects are underway including 464 government-aided projects, according to government data.

“India offers a great opportunity for investments. Currently around $196.98 billion worth of projects are underway in India. I once again invite all the developed countries and major RE players to utilise the opportunity India is offering to the world,” he said.

The focus on renewable energy has gained momentum as Prime Minister Narendra Modi committed to achieve net zero carbon emission by 2070 at the COP-26 summit in Glasgow.

The minister said that India’s “vast renewable energy resource potential and strong policy backing provide a strong foundation for achieving these goals”.

He said that India has seen incredible growth of renewable energy capacity in last seven years and has achieved target of 40% cumulative electric capacity from non-fossil fuel in 2021, nine years ahead of set target of 2030.

The minister also said that Centre 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.

In April last year, the union cabinet approved the production linked incentive (PLI) scheme ‘National Programme on High Efficiency Solar PV Modules’ to promote manufacturing of high efficiency solar PV modules, including the upstage vertical components like solar PV cells, wafers, ingots, polysilicon. Letters of award have been issued under the PLI scheme to three successful bidders for setting up about 9 GW capacity of fully integrated solar PV module manufacturing units for 4,500 crore of initial allocation.

Further, in this year’s budget, the Finance Minister announced an additional outlay of 19,500 crore. With the enhanced incentive scheme, India is expected to have a solar manufacturing capacity of 50 GW in India within the next 4-5 years.

Further to promote green hydrogen economy India has made an estimated outlay of 25,425 crore, he said, adding that the Green Hydrogen Mission is expected to generate 4.1 million tonnes of annual green hydrogen production.

In February, the government launched the first part of the National Green Hydrogen Policy.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
HomeNewsIndiaRenewable energy projects worth $197 billion underway in India

Most Active Stocks

Indus Towers

326.60
05:17 AM | 19 JUN 2024
-17.3 (-5.03%)

Bharat Electronics

308.95
05:18 AM | 19 JUN 2024
-9.3 (-2.92%)

Tata Steel

179.60
05:18 AM | 19 JUN 2024
-1.55 (-0.86%)

Bandhan Bank

196.70
05:17 AM | 19 JUN 2024
-1.6 (-0.81%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Rashtriya Chemicals & Fertil

185.65
05:12 AM | 19 JUN 2024
12.3 (7.1%)

Fertilizers & Chemicals Travan

915.00
05:12 AM | 19 JUN 2024
50.85 (5.88%)

Nuvama Wealth Management

5,332.55
05:12 AM | 19 JUN 2024
253.8 (5%)

Deepak Fertilisers & Petrochemicals Corporation

645.55
05:12 AM | 19 JUN 2024
26.2 (4.23%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,281.00-238.00
    Chennai
    72,711.00-1,095.00
    Delhi
    73,495.00-24.00
    Kolkata
    73,566.00191.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    103.94/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanGet App