India’s Potential in Renewable Energy is a “Goldmine”, says PM Modi

Indian Prime Minister Narendra Modi has called for investments in the country’s green energy sector, stating that India’s potential in renewable energy is no less than a “goldmine”, reports PTI.

In a webinar discussing the announcements made in the Union Budget 2023-24 on green growth, Modi invited all stakeholders to invest in India and highlighted the potential of renewable energy sources such as solar, wind energy, and biogas. The government is focused on biofuels, which will bring significant investment opportunities, he said.

Modi also mentioned that India has already achieved its target of 10% ethanol blending, five months ahead of schedule, and its target of 40% non-fossil fuel capacity, nine years ahead of schedule. The government has set an ambitious goal of producing five million tonnes per annum of green hydrogen and has provided Rs 19,000 crore incentives for the private sector under the National Hydrogen Mission.

Furthermore, the budget has allocated Rs 3,000 crore for vehicle scrapping, and around 3 lakh government vehicles older than 15 years are to be scrapped. India has set a target of increasing battery storage capacity to 125 GW hour, and it aims to have 500 GW of renewable energy by 2030. Modi emphasized that the budgets since 2014 have not only addressed present challenges but have also furthered new-age reforms.