Modi asked all stakeholders to invest in India while speaking at a webinar on the many announcements made in the Union Budget 2023–24 about green growth.
Prime Minister Narendra Modi on Thursday sought investments in green energy sector saying that the country's potential in renewable energy is no less than a "goldmine".
Addressing a webinar on various announcements made in the Union Budget 2023-24 on green growth, Modi said, "India will play an important role in green energy, I invite all stakeholders to invest in India."
He stated that the potential of renewable energy like solar, wind energy and biogas in India is not less than a goldmine, he said.
He stated that the government is very focussed on bio-fuel and it will bring a lot of opportunity for investors. Recalling the launch of E20 fuel, the Prime Minister noted the government’s emphasis on biofuels and said that it has brought new opportunities for investors. He observed the abundance of agri-waste in the country and urged the investors to not miss the opportunity of setting up ethanol plants in every corner of the country. “The potential of solar, wind and biogas in India is no less than any gold mine or oil field for our private sector”, the Prime Minister said.
He referred to India achieving 10 per cent ethanol blending target five months ahead of schedule. He also talked about meeting the target of 40 per cent non-fossil fuel capacity nine year ahead of schedule.
He stated that Budgets since 2014 have not just addressed present challenges but have furthered new-age reforms.
India targeting production of 5 million tons per annum of green hydrogen and provided Rs 19,000 cr incentive for private sector under National Hydrogen Mission.
He also talked about Rs 3,000 crore provision in the Budget for vehicle scrapping and about 3 lakh government vehicles that are older than 15 years to be scrapped.
He stated that India has to increase battery storage capacity to 125 giga-watts hour.
“India has been the fastest when it comes to renewable energy capacity addition among major economies since 2014”, the Prime Minister said. He further added that India’s track record shows its capability to achieve the objectives before time when it comes to renewable energy resources. The Prime Minister informed that India achieved the target of 40% contributions from non-fossil fuels in the installed electricity capacity 9 years before the target date.
India has set an ambitious target of having 500GW of renewable energy by 2030.