India's potential, 'no less than a goldmine': PM Modi's green energy investment push
The PM stated that the government is very focused on biofuel and it will bring a lot of opportunity for investors.
Published: 23rd February 2023 11:42 AM | Last Updated: 23rd February 2023 03:09 PM | A+A A-
NEW DELHI: Prime Minister Narendra Modi on Thursday sought investments in the green energy sector saying that the country's potential in renewable energy is no less than a "goldmine".
"The potential of solar, wind and biogas in India is not less than any gold mine or oil field for our private sector”, Prime Minister Narendra Modi said on Thursday speaking at the first post-budget Webinar on 'Green Growth’ here.
The PM reiterated the government’s commitment to exploring sustainable development in the field of green energy to make the country also self-reliant in it the future.
Touching upon India’s potential in green energy, the PM categorically said that the country has been blessed with huge potential to lead the world in Green Energy by creating green jobs also.
Outlining the three pillars for green growth and energy transmission, the PM said that first increasing production, second reducing the use of fossil fuel in the economy and third moving towards a gas-based economy in the country are being brought into effect by the government.
He said that India’s commanding position in the renewable energy space will ensure a commensurate change in the world. Lauding this year’s budget, the PM said that the budget will play a key role in establishing India as a lead energy market.
“That is why I invite every stakeholder of the energy world to invest in India. This budget has given a great opportunity to every green energy investor to invest in India”, he claimed, adding that India has been the fastest in the renewal energy sector.
He said that the country has achieved the target of 40% contributions from non-fossil fuels in the installed electricity capacity 9 years before the target date. He claimed that India will have a capacity of 500GW by 2030 in renewal energy as the potential of solar, wind and biogas in India has become a great opportunity for investors.
Citing the future, the PM said that a target of 5 MMT green hydrogen has been set with an allocation of Rs 19000 crore to incentivise the private sector in this field. He also added that India has the potential of producing 10,000 million cubic meters of biogas from ‘gobar (cow dung) and 1.5 lahks cubic meter of gas contributing 8% of the city's gas distribution in the country.
Quoting his government’s target, the PM said that 500 new plants under the Gobardhan Yojna would be set up in the country at the cost of Rs 10,000 crore. He also spoke on the country’s vehicle scrapping policy adding that the government in the budget has made provisions of Rs 3000 crore to scrap around 3 lahks more than 15 year-older vehicles owned by Central and state governments.
He also emphasised the need of developing battery storage capacity to 125 gigawatt hours in the next 6-7 years. He also said that the budget has incorporated everything containing the guarantee of the future security of the country in addition to being an opportunity. He expressed that his government is fully committed to sustainable development in the field of green energy.