Renewable Energy Production Cost in India Cheapest in the World, says RK Singh
The minister informed that India has achieved its NDC target of 40 percent of the installed electricity capacity from non-fossil energy sources 9 years ahead of schedule, in 2021 and added that during 2014-23, 64.3 GW of solar capacity was added.
August 07, 2023. By Anurima Mondal
The Minister briefed the media about infrastructure developments in power, new & renewable energy, roads & highways, rural connectivity, railways, civil aviation, shipping, ports & waterways, and telecom sectors.
“We have been growing at 7.2 percent, the fastest in the world, while other developed countries have been growing at 1.2 percent - 1.5 percent. Our rate of inflation is 5 percent - 6 percent, while that of developed countries was 9 percent approximately. This is because we planned for it, of which one major part is investment in modernizing infrastructure,” said the Minister.
Talking about the power sector, the minister said that around 1,90,285 MW of electricity generation capacity has been added since 2014 transforming the country from power deficit to power surplus. He highlighted Pradhan Mantri Sahaj Bijli Har Ghar Yojana – SAUBHAGYA and other similar schemes launched by the government.
He informed that India has achieved its NDC target of 40 percent of the installed electricity capacity from non-fossil energy sources 9 years ahead of schedule, in 2021 and added that during 2014-23, 64.3 GW solar capacity was added. About 90 lakh solar lighting systems were distributed during 2014-23, which is 3.8 times of total systems distributed as on March 31, 2014.
Around 5.3 lakh solar pumps have been provided to farmers during the last 9 years. The minister said that share of renewable energy (excluding large hydro) in the electricity mix increased from 6.4 percent in 2013-14 to 12.5 percent in 2022-23 and solar tariff has reduced from over INR 6 per unit in 2014 to less than INR 2 per unit (INR 1.99 per unit) in 2020-21.
Solar module manufacturing capacity has increased by 10 times, from 2.4 GW/ annum in 2014 to 25 GW/ annum in 2023. Indigenous solar cell manufacturing capacity of 6 GW/ annum has also been installed in the country in the last 9 years. Wind turbine manufacturing capacity has increased by 1.5 times, from 10 GW/ annum in 2014 to 15 GW/ annum in 2023.
Foreign Direct Investment (FDI) in the renewable energy sector increased by 3.7 times, with FDI of USD 11.1 billion coming in the last 9 years as compared to FDI of USD 3.0 billion received as on March 31, 2014.
Loan disbursement by IREDA for renewable energy projects increased by about 6 times, from INR 14,320 crore as on March 31, 2014, to INR 82,777 crore during the last 9 years.
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