Agencies
NEW DELHI, Aug 6: An investment of up to Rs 30 lakh crore is expected to meet the country's target of having 500 GW renewable energy capacity by 2030, Union minister Pralhad Joshi said in Rajya Sabha on Tuesday.
Renewable energy is among the top priorities of the Prime Minister Narendra Modi-led government, he said, adding that it is evident from the fact that the outlay has been doubled in the budget this year to over Rs 20,000 crore.
"India has witnessed a significant shift in the investment Dynamics of Renewable energy projects. Around 7 lakh crore in the last 10 years has already been invested," said the minister for new and renewable energy, while replying to a discussion on his ministry's work.
He further said: "To set up a non-fossil fuel-based capacity of 500 GW, (investment of) Rs 30 lakh crore is expected." During his over one-hour reply, the Opposition walked out of the house objecting to his remarks on the Congress party over its relationship with China.
Taking a dig at the Congress party, the minister said in 10 years between 2004 and 2014, the investment was not even Rs 3 lakh crore.
Between 2004 and 2014, when the entire world was discussing and developed renewable energy, the total expenditure was Rs 6,091 crore only.
"While the budget for this year (for his ministry) is over Rs 21,000 crore," he said, adding in the last 10 years "the total expenditure is Rs 36,952 crore".
Moreover, orders have also been placed for schemes such as PM Surya Ghar, PM Kusum, National Green Hydrogen Mission, viability gap funding (VGF), and PLI for solar modules.
"This all will translate into Rs 1.60 lakh crore," he said, adding the government is working on Pachamrit commitments, in which it has targeted to achieve non-fossil energy capacity of 500 GW by 2030 and reach the net-zero carbon emission goal by 2070.
During the discussion, opposition members raised doubts and asked as how the government would achieve the target of 500 GW from renewable energy by 2030 as the current capacity was 200 GW only.
Replying to that, Joshi told the members to have hopes and said: "We have taken it to 200 GW and will achieve 500 GW also."
Total renewable energy generated in India in the last 10 years has increased from 193.5 billion units to 359.89 billion units.
Solar power tariffs, which were almost at Rs 11 in 2010-11, now have come down to Rs 2.60/unit in 2023-24. This has been helped by schemes such as PLI (production linked incentive) schemes encouraging domestic manufacturing. |
