Renewable energy sector in India gets $70 bn investment in 7 years

Renewable energy sector in India gets $70 bn investment in 7 years
File Photo: General (r) Nasir Janjua

New Delhi, June 25: Power Minister R K Singh has said that as much as USD 70 billion (about Rs 5.2 lakh crore) has been invested in renewable energy across the country in the past seven years.

This assumes significance in view of India's ambitious target of having 175 gigawatts (GW) of renewable energy by 2022.

Singh was addressing at an event on 'Accelerating Citizen Centric Energy Transition' yesterday evening, organised by The Ministry of New and Renewable Energy (MNRE). It was conducted in collaboration with the Permanent Mission of India (PMI) to the United Nations and the Council on Energy, Environment and Water (CEEW).

The virtual event was organised on the sidelines of the Ministerial Thematic Forums week (June 21-25) for the UN High Level Dialogue on Energy to be convened on September 20 this year.

India has been designated a Global Champion for Energy Transition, one of the five themes at the dialogue.

Singh said, "During the past seven years, over USD 70 billion investment has been made in renewable energy in India. India has a liberal foreign investment policy for renewables allowing 100 per cent FDI through the automatic route in sector."

He added that ensuring 'ease of doing business' is the government's utmost priority. "Our continuous focus is on maintaining sanctity of contracts and safeguarding investments."

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