By Business India Editorial

Prime Minister Narendra Modi has said that India was the most suitable destination for investments in renewable energy space. 

Addressing the inaugural ceremony of the India Energy Week 2023 earlier in the week, the prime minister urged stakeholders to explore every possibility related to the country’s energy sector and get involved with it.

“Today India is the most suitable place in the world for your investment,” he said.

Modi explained his government’s emphasis on renewable energy, energy efficiency, sustainable transportation and green technologies in the new budget and noted that Rs35,000 crore has been kept for priority capital investment to push energy transition and net-zero objectives. He also said that Rs10 lakh crore worth of overall capital expenditure will provide a boost to green hydrogen, solar, road infrastructure, among others.

He said that in the last nine years India’s renewable energy capacity has risen to about 170 gigawatts from 70 gigawatts, in which solar power increased by 20 times. Modi said that India was number four in wind power capacity.

“We are aiming to have 50 per cent non-fossil fuel capacity by the end of this decade. We are also working very fast on biofuel, and ethanol blending. In the last nine years, we have increased ethanol blending in petrol from 1.5 per cent to 10 per cent. Now we are moving towards the target of 20 per cent ethanol blending,” the prime minister added.

He also said that 20 per cent ethanol blended petrol would be rolled out to cover 15 cities and within two years it will be expanded to the entire country.

“More than three crore households will have access to solar cooktops within the next 2-3 years. With more than 25 crore families in India, this will bring a revolution in the kitchen,” he added.

Modi said that the national green hydrogen mission would give a new direction to India of the 21st century and bring about an investment opportunity worth over Rs8 lakh crore. He also added that India will increase the share of green hydrogen to 25 per cent by replacing grey hydrogen.