In the realm of India’s domestic solar industry, Minister for New and Renewable Energy (MNRE) R K Singh disclosed in Parliament that Singapore, the UK, and Mauritius have emerged as the primary contributors to investments, totaling USD 3,860 crore over a span of three years. According to Singh’s statement to Lok Sabha, Singapore led the pack with an investment of USD 780.781 million, closely trailed by the United Kingdom with USD 778.271 million, and Mauritius with USD 632.523 million.
The remainder of the Foreign Direct Investment (FDI) flowed in from various countries, with notable contributions from the UAE (USD 543.235 million), Netherlands (USD 256.197 million), Japan (USD 200.759 million), and Norway (USD 196.656 million), among others. Conversely, some nations made more modest investments, such as Seychelles (USD 0.075 million), Bermuda (USD 0.202 million), Germany (USD 0.777 million), and Sweden (USD 0.478 million).
The disclosed data showcases a robust influx of FDI amounting to USD 3,860 crore directed into the solar energy sector within the past three fiscal years and extending until September 30 of the present fiscal year. In a parallel disclosure, the minister highlighted a substantial growth in India’s solar power installed capacity, escalating from 2.82 GW as of March 31, 2014, to an impressive 73.32 GW by December 31, 2023.
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