In short – India’s power and renewable energy sectors are poised to receive a substantial investment of Rs 17.05 lakh crore. This infusion of funds signifies a significant commitment to bolstering the country’s energy infrastructure and transitioning towards sustainable sources. Such investment is crucial for driving economic growth, enhancing energy security, and mitigating environmental challenges.
In details – In a press conference on Monday, Union Minister R K Singh revealed that the power and renewable energy sectors in India are poised to receive an enormous investment of Rs 17.05 lakh crore. This comes in addition to the substantial Rs 16.93 lakh crore already invested since 2014.
Singh highlighted the ongoing developments, stating that 80 GW of thermal power generation capacity is currently under construction, expected to be operational by 2030. Additionally, an impressive 99 GW of renewable energy projects are underway.
Providing insights into the investment breakdown, Singh explained that out of the Rs 16.93 lakh crore, Rs 11.2 lakh crore has been allocated to sectors such as generation, distribution, and transmission, while Rs 5.73 lakh crore is earmarked for the renewable energy sector.
Looking ahead, the minister projected a surge in India’s power generation capacity to over 800 GW from the current 428 GW. He disclosed plans to auction 50 GW of renewable energy projects annually.
Singh also briefed reporters on the recently introduced Electricity (Amendment) Rules 2024. Under these rules, consumers with a specified quantum of load and Energy Storage Systems (ESS) are now permitted to establish, operate, and maintain dedicated transmission lines without the need for a license, facilitating greater flexibility in the energy landscape. The anticipated investment of Rs 17.05 lakh crore is expected to further propel India’s progress in the power and renewable energy sectors.
