“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.
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.
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”.