Leading banks and financial institutions have committed nearly $386 billion (Rs 32.45 trillion) towards renewable energy projects in India by 2030, Union Minister for New and Renewable Energy Pralhad Joshi said on Monday.
Speaking at the inauguration of the 4th RE-Invest Summit, organised by the Ministry of New and Renewable Energy (MNRE) and the Confederation of Indian Industry (CII), Joshi highlighted India's significant progress in the renewable energy sector.
"Since 2014, our renewable energy capacity has increased by 175%, and renewable energy generation has grown by 86%," Joshi said, noting that India is both the fifth largest and the fastest-growing economy in the world. "This growth is driving unprecedented demand for energy, and we are committed to meeting this demand sustainably."
The minister also pointed out that India's solar energy capacity has expanded by 33 times since 2014.
He mentioned the recently launched PM Suryaghar Yojana, a rooftop solar initiative, under which nearly 3.5 installations have been completed.
India aims to build 500 gigawatts of renewable energy capacity by 2030, but Joshi noted that commitments worth 570 gigawatts have already been received from the solar power industry.
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