India has appealed to American companies to come up with innovative solutions to address the massive energy needs of Asia's third largest economy, which is set to become the largest clean energy market in the next 10 years.
Union Energy Minister Piyush Goyal was addressing a meeting of high level gathering of US companies in the renewable energy development and financing sector, organised by the Confederation of Indian Industry (CII) in partnership with the American Council on a Renewable Energy (ACORE).
While acknowledging constraining factors, the Minister urged the US and it's constituent companies to be a partner in this process and to help come up with innovative solutions so as not to miss out on the tremendous opportunity in India which is set to become the largest clean energy market in the next 10 years, a media release said.
Addressing the concerns and challenges faced by investors in India, Goyal in his remarks laid out the Government's vision for achieving the ambitious target of 175 GW of clean energy by 2022, it said.
Goyal addressed concerns relating to the fiscal health of distribution companies in India and said that the Government was looking for a long term and sustainable solution to the problem which will be implemented soon. A number of stalled projects are also being cleared, he told the investors.
Praising the Government's efforts in scaling up the clean energy sector, Chandrajit Banerjee, director general, CII said Indian industry stands ready to partner and work with the Government to achieve the ambitious target set by the Prime Minister.