26 November,2020 07:05 PM IST | New Delhi | PTI
Prime Minister Narendra Modi. Pic/Twitter Narendra Modi
Prime Minister Narendra Modi on Thursday said production-linked incentives similar to those for electronic manufacturing will be offered for high-efficiency solar modules to boost the generation of electricity from renewable sources which has the potential to generate an annual business of USD 20 billion.
Speaking at the RE-Invest 2020 conference, he invited global investors to join India's renewable energy journey.
"There are huge renewable energy deployment plans for the next decade," he said, adding that these are likely to generate business prospects of the order of around USD 20 billion per year.
"Today, India's renewable power capacity is the fourth largest in the world. It is growing at the fastest speed among all major countries," he said.
ALSO READ
39 Mahayuti leaders take oath as Maharashtra ministers in Nagpur: WATCH HERE
PM Modi's speech in Parliament was historic, says Rajasthan minister
PM Modi set to chair fourth National Conference of Chief Secretaries
"Never does what he says": Sanjay Raut attacks PM Modi on corruption stance
Saif asked PM Modi, how many hours he sleeps at night, and here’s what he said
Renewable energy capacity will rise to 220 GW by 2022 from the current 136 Giga Watts (GW), he added.
Renewable energy capacity at present is about 36 per cent of India's total electricity generating capacity.
Modi said that after the success of Production Linked Incentives (PLI) in electronics manufacturing, "we have decided to give similar incentives to high-efficiency solar modules".
He, however, did not elaborate.
Stating that ensuring 'ease of doing business' was the utmost priority, he said a dedicated project development cell has been established to facilitate investors.
"In the last six years, we increased our installed renewable energy capacity by two and half times," he said. "Our annual renewable energy capacity addition has been exceeding that of coal-based thermal power since 2017."
Even when it was not affordable, investments were made in renewable energy. Now, investments and scale are bringing costs down, he said.
Noting that in the last six years, India has been travelling on an unparalleled journey, Modi said, "we are expanding our generation capacity and network to ensure every citizen of India has access to electricity to unlock his full potential".
Catch up on all the latest Crime, National, International and Hatke news here. Also download the new mid-day Android and iOS apps to get latest updates.
Mid-Day is now on Telegram. Click here to join our channel (@middayinfomedialtd) and stay updated with the latest news
This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
