Prime Minister Narendra Modi on Thursday asserted that India has been the “fastest in renewable energy capacity addition among major economies since 2014”, saying the potential of solar, wind and biogas in India is no less than “any gold mine or oil field for our private sector” as he invited global investors in the green energy sector in the country.
The Prime Minister sought the need to reduce dependence on fossil fuel and move towards the gas-based economy in the country. He also mentioned that the total renewable energy capacity of 500 GW will be achieved by 2030.
Addressing a webinar on various announcements made in the Union Budget 2023-24 on green growth, Modi invited global investments in the green energy sector stressing India’s potential in renewable energy like wind, solar and biogas is no less than a “gold mine or oil field”. “This Budget is not only an opportunity, but it also contains the guarantee of our future security,” he sought to say. He said India has been the fastest in renewable energy capacity addition among major economies since 2014.
“India will play an important role in green energy, I invite all stakeholders to invest in India,” he said.
On the great opportunities for investors in India, he stated that “the potential of solar, wind and biogas in India is no less than any gold mine or oil field for our private sector”.
Modi addressed the post-Budget webinar on “Green Growth” on Thursday, which is the first of a series of 12 post-Budget webinars, organised by the Government to seek ideas and suggestions for the effective implementation of the initiatives announced in the Union Budget 2023.
The Prime Minister outlined three pillars for green growth and energy transmission.
First, increasing the production of renewable energy; second, reducing the use of fossil fuel in the economy; and finally, rapidly moving towards a gas-based economy in the country. He highlighted measures like ethanol blending, PM KUSUM Yojana, incentives for solar manufacturing, rooftop solar scheme, coal gasification, and battery storage in the Budgets of the past few years.
Underlining the significant announcements in previous years’ Budgets, Modi highlighted schemes such as green credit for industries, PM Pranam Yojna for farmers, Gobardhan Yojna for villages, vehicle scrapping policy for cities, Green Hydrogen and wetland conservation in this year’s Budget.
Referring to the global efforts for diversification of the energy supply chain, the Prime Minister said this Budget has given a great opportunity to every green energy investor to invest in India. He also mentioned that India achieved the target of 10 per cent ethanol blending in petrol five months before time and emphasised that the nation strives to achieve 20 per cent ethanol blending in petrol by 2025-26 instead of 2030.
On the launch of E20 fuel, the Prime Minister noted the Government’s emphasis on biofuels and said that it has brought new opportunities for investors. He observed the abundance of agri-waste in the country and urged the investors to not miss the opportunity of setting up ethanol plants in every corner of the country. About the National Green Hydrogen Mission, he stated that India is moving with a target of production of 5 MMT green hydrogen. An allocation of Rs 19,000 crore has been made to incentivise the private sector in this field (green hydrogen). He also touched upon other opportunities such as electrolyser manufacturing, green steel manufacturing and long-haul fuel cells.
“India has been the fastest when it comes to renewable energy capacity addition among major economies since 2014,” the Prime Minister said.
He further added that India’s track record shows its capability to achieve the objectives before time when it comes to renewable energy resources. The Prime Minister informed that India achieved the target of 40 per cent contributions from non-fossil fuels in the installed electricity capacity 9 years before the target date.