‘India 4th largest in renewable power capacity’: PM Modi at RE-Invest 2020

‘India 4th largest in renewable power capacity’: PM Modi at RE-Invest 2020

Prime Minister Narendra Modi on Thursday said India will offer production-linked incentives for high-efficiency solar modules to boost the generation of electricity from renewable sources which has the potential to generate an annual business USD 20 billion.

Speaking at the RE-Invest 2020 conference, he invited global investors to join India's renewable energy journey.

"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.

At present, renewable energy capacity is about 36 per cent of the country's total electricity generating capacity.