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India Has Increased Installed Renewable Energy Capacity By Two And Half Times In Last 6 years

Capital Market 

Prime Minister Narendra Modi inaugurated the 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) through video conferencing yesterday. The Prime Minister expressed happiness that in the renewable energy sector, within a short time the progress from megawatts to gigawatts in generation capacity and "One Sun, One World, One Grid" are becoming a reality, all of which were discussed in the earlier editions. He added in the last 6 years, India is travelling on an unparalleled journey. He pointed out that India's generation capacity and network is being expanded to ensure every citizen of India has access to electricity to unlock his full potential. He noted that India's renewable power capacity is the 4th largest in the world and is growing at the fastest speed among all major countries. The renewable energy capacity in India is currently 136 Giga Watts, which is about 36% of our total capacity.

The Prime Minister expressed happiness that India's annual renewable energy capacity addition has been exceeding that of coal based thermal power since 2017. He highlighted that in the last 6 years, India has increased installed renewable energy capacity by two and half times. He said investing in renewable energy early on even when it was not affordable has helped in achieving the scale, which is bringing costs down. The Prime Minister said that there are huge renewable energy deployment plans for the next decade and are likely to generate business prospects of the order of around $ 20 billion per year.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 27 2020. 12:20 IST
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