MNRE Minister Bhagwant Khuba At Intersolar Europe

Union Minister of State for Ministry of New and Renewable Energy, Bhagwant Khuba attended the Intersolar Europe 2022 held at Munich, Germany. The Minister delivered key note address at the investment promotion event on “India’s Solar Energy Market”.

Bhagwant Khuba in his key note address said that ‘As Hon’ble PM Modiji’s ambitious Panchamrit targets set during COP-26 India is all set to achieve net zero by 2070 and install 500GW of non fossil by 2030.’ Bhagwant Khuba said that India’s vast renewable energy resource potential and strong policy backing provide a strong foundation for achieving these goals.

He pointed out that India has seen incredible growth of RE capacity in last 7 years and has achieved target of 40% cumulative electric capacity from non fossil fuel in 2021, 9 full years ahead of set target of 2030. Government of India is committed to promoting domestic manufacturing in the solar PV sector to achieve its ambitious deployment goals. Several policy measures have been undertaken to support the domestic PV manufacturing sector.

The Minister also emphasized that India is committed to increase domestic Manufacturing of high efficiency Solar PV modules for which total budget outlay of Rs. 24,000 is made under the PLI scheme. Further to promote green hydrogen economy India has estimated outlay of Rs. 25,425 Cr. The Green Hydrogen Mission has an expected outcome of generating 4.1 Million Tonnes of annual Green Hydrogen production by 2030.

‘Further India offers a great opportunity for investments. Currently around $196.98 bn worth of projects are underway in India. I once again invite all the developed countries and major RE players to utilise the opportunity India is offering to the world’, says Minister.

The minister’s pitch for investment comes at a time when some of the largest markets for renewable energy, including the US and Europe have shown a tendency to look inwards again for manufacturing critical components. Even if at a higher cost when compared to imports.