Indian solar industry can attract $70-80 bn investment: Modi

New Delhi: India wants to create a robust ecosystem for the manufacture of solar panels in the country to give a filip to the sector which can provide opportunities for investments worth $70-80 billion, Prime Minister Narendra Modi said on Tuesday.

Inaugurating a joint assembly here of the International Solar Alliance (ISA), the Indian Ocean Rim Association (IORA) Renewable Energy Ministerial and Global RE-Invest 2018, Modi said in the last four years, India has emerged as the most favourable destination for renewable energy investment and has attracted $22 billion of investment in the sector.

He said the government’s target is to generate 40 per cent of India’s total energy requirements in 2030 by non-fossil fuel based sources.

“Solar power generation costs in India have gone down hugely, while the country has become the most favourable destination for renewable energy. In the last 4 years, the sector has attracted investments worth $22 billion,” he said.

“We want to set up a strong ecosystem for manufacture of solar panels in the country. This area has immense opportunity available, for investment worth $70-80 billion.”

Elaborating on India’s strides in clean energy development during the tenure of the NDA government, Modi said that 72 gigawatt (GW) of renewable energy capacity had been added in this period, while solar capacity had gone up nine-fold from earlier.

“Power storage is equally important and a National Energy Storage Mission is being drawn up from the perspectives of demand creation, manufacture, innovation and augmenting storage capacity,” the Prime Minister said.

He said that towards achieving the government’s target of achieving 175 GW renewable energy capacity by 2022, it is planned to install 28 lakh solar pumps across the country in the next four years which would add capacity of 10 GW.

Giving the call of “One World, One Sun, One Grid”, Modi said that the “ISA will assume tomorrow the role that the OPEC (Organisation of Petroleum Exporting Countries) is playing today.”

“We are moving to a future where oil wells will be replaced by the rays of the sun in meeting our energy needs,” he said.

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