PM Modi invites investors to turn India into a global green-energy leader

There is a need to amplify the thrust on green growth by increasing production of renewable energy, reducing the use of fossil fuel, and finally, moving towards a gas-based economy, Prime Minister Narendra Modi said today.

Green growth is one of the seven thrust areas termed as Saptrishi in this year’s budget.

“Green energy announcements in this Budget lay the foundation stone and pave the way for future generations,” the Prime Minister said, while addressing the first post budget webinar today.

Modi also invited investors to invest in green energy, which in turn will create green jobs.

As the world continues to grapple with the energy crisis, India with its size and unique climatic conditions, is aggressively boosting its renewable sector. “This Budget will play a key role in establishing India as a lead player in the global green energy market. That is why, today, I invite every stakeholder of the energy world to invest in India”, Modi said. He added that India’s commanding position in the renewable energy space will ensure a commensurate change in the world.

“This budget is not only an opportunity, but it also contains the guarantee of our future security”, the Prime Minister said, promising to provide guarantee of future security and stand by the investors and other stakeholders.

The Prime Minister will hold 12 post budget webinars. The series that started today will end on March 11.

He noted that all the budgets tabled in the country after 2014 have been forwarding new-age reforms apart from finding solutions to the challenges faced in the present day.

“India has been the fastest when it comes to renewable energy capacity addition among major economies since 2014”, Modi said.

The BJP led NDA government has laid the emphasis on increasing production of ethanol from various items such as sugar molasses, sugarcane and other materials which have sugar content. India has already reached the target of blending 10 per cent ethanol with petrol five months ahead of the schedule. It was only 1.53 per cent in 2013-14. Modi added that India is now aiming to achieve 20 per cent ethanol blending in petrol by 2025-26 instead of the earlier deadline of 2030.

The Prime Minister also pointed out that the country has already met the target of 40 per cent contributions from non-fossil fuels in the installed electricity capacity nine years before the deadline.

The increased use of ethanol will boost India’s renewable energy segment while leading to a huge saving of foreign exchange.

The World Economic Forum earlier noted that a total of $14.5 billion was invested in renewable energy in India. This was 125 per cent higher compared to financial year 2020-21 and 72 per cent higher than in the pre-pandemic period of the 2019-20. As of August 31, 2022, renewable energy sources, including large hydropower, have a combined installed capacity of 163 GW in India.

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