India is most attractive destination for investment in Renewable Energy : RK Singh

New Delhi:  Power and Renewable Energy  Minister R K Singh said that India is the most attractive destination for investment in the Renewable Energy sector and asked companies to increase the share of Renewable energy in the total energy requirement of the country.

The Ministry was speaking at “New Frontiers: A program on Renewable Energy” to celebrate the Azadi ka Amrit Mahotsav with the inaugural event “India’s Leadership in Energy Transition” in New Delhi.

Talking about the energy transition, he said that there is a shift from fossil fuel to non-fossil fuel systems in the world and added that the transition will happen faster if the cost of energy storage devices goes down.  

The Minister said under the PLI scheme for high-efficiency solar modules, the Finance Ministry will grant an additional Rs 19,500 crore.

“The government has put in place a transparent bidding system and a payment security mechanism to facilitate bids in the Renewable Energy sector,” he said.

The Minister also asked the industries and companies should strive to increase the share of Renewable Energy in their total energy requirements.

Talking about the government’s intention to ensure an uninterrupted 24×7 power supply to every household, he said in the past 7 years, India has increased its installed capacity of 395,000 MW whereas our peak demand is 200,000 MW. India now has an integrated national grid.

The Minister stressed that the two main requirements for an uninterrupted power supply is a better distribution system and the viability of Discoms. The Minister emphasized that it is important to electrify the economy and increase the share of RE in the electricity mix.

He added that the addition of more Electric Vehicles to the transport system will help in reducing pollution in NCR and is also the future of mobility.

The Minister also said that diesel pumps will be replaced by solar pumps in the agricultural sector by 2024, adding that the farmers can make use of PM KUSUM in this regard.

The plenary address was delivered by  Bhagwanth Khuba, Minister of State for New and Renewable Energy & Chemicals and Fertilizers. 

Khuba talked about India’s energy transition commitments and achievements; the citizen-centric nature of the transition and the Government of India’s energy compacts submitted to the UN for the High-Level Dialogue on Energy 2021.

The event was attended by more than 300 participants including officers of the Government of India, CEOs, CMDs and representatives of public and private sector firms; and students from major universities/colleges of Delhi.