New Delhi: Prime minister Narendra Modi on Thursday said that India's renewable power capacity is the fourth largest in the world and is growing at the fastest speed among all major countries.
“The renewable energy capacity in India is currently 136 gigawatts (GW). This is about 36 per cent of our total capacity. By 2022, the share of renewable capacity will increase to over 220 GW,” said Modi in his inaugural speech at RE-Invest 2020.
He added that India’s annual renewable energy capacity addition was exceeding that of coal-based thermal power since 2017.
“In the past six years, we increased our installed renewable energy capacity by two-and-half times. And in the same period, the installed solar energy capacity increased 13 times,” said PM Modi.
He said that India is becoming a preferred destination for investment in renewables, with nearly Rs 500,000 crore or over $64-billion investment made in the renewable energy sector in the past six years.
PM Modi in his speech said that he wants to make India a global manufacturing hub in the renewable energy sector.
“India is focusing on innovative bids for supplying 24x7 power from renewables, solar-wind hybrid projects have been successfully explored. The demand for domestically-manufactured solar cells and modules is expected to be around 36 GW over the next three years,” he said.
He added that our policies are in line with the technology revolutions, we are proposing to launch a comprehensive national hydrogen energy mission.
“After the success of PLI in electronics manufacturing, we have decided to give similar incentive to high efficiency solar modules… There are huge renewable energy deployment plans for the next decade. These are likely to generate business prospects of the order of around Rs 1.5 lakh crore or $20 billion per year,” he said.
Regarding household electrification, he said that in the past few years over 2.5 crore or 25 million to 28 million households were provided with electricity connections.