India invites investors to RE

Over US$ 64 billion invested in RE India so far!

Be a part of India’s renewable energy journey 

The Minister of Petroleum & Natural Gas and Steel Shri Dharmendra Pradhan has invited investors, developers and businesses to be a part of India’s renewable energy journey, assuring them that it will be a highly rewarding and mutually beneficial venture. In the Valedictory Address at the 3rd RE-Invest 2020, he said that India is progressively becoming a favoured destination for investment in renewables. During the last 6 years, over US$ 64 billion investment has been made in renewable energy in India. 

Shri Pradhan said that India has a very liberal FDI policy in energy sector, including renewables. “Foreign investors can either invest on their own or enter into joint ventures with an Indian partner for financial and/or technical collaboration for setting up of renewable energy-based power generation projects.”, he said. The Minister assured that “Ease of doing business” is our utmost priority.

“Our continuous focus is on maintaining sanctity of contracts and safeguarding investments. We have established dedicated Project Development Cells (PDC) and Foreign Direct Investment (FDI) cells in all Ministries for hand holding and facilitating domestic and foreign investors.  Adequate measures and safeguards have also been undertaken to address the concerns of businesses and investors arising out of the Covid pandemic.”

Shri Pradhan said that India is in the midst of a major transformative shift in its energy sector, to end energy poverty in India. “While doing so, our twin objectives are to enhance availability and affordability of clean fossil fuels and green fuels, and to reduce the carbon footprint through a healthy mix of all commercially-viable energy sources. We are consistently taking energy policy initiatives. Revamping policies, and taking needful measures. 

We are developing next generation infrastructure based on five guiding key enablers of energy availability and accessibility to all, energy affordability to the poorest of the poor, efficiency in energy use, energy sustainability to combating climate change as a responsible global citizen and security for mitigating the global uncertainties.” 

In the meantime, India report ted FDI for July-September quarter US$28.1 billion FDI inflows into the country during the July-September quarter. Total Foreign Direct Investments (FDI) inflows into India during the second quarter of financial year 2020-21 (July, 2020 to September, 2020) have been US$ 28,102 million, out of which FDI equity inflows were US$ 23,441 million or Rs. 174,793 crore. This takes the FDI equity inflows during the financial year 2020-21upto September 2020 to US$30,004 million which is 15% more than the corresponding period of 2019-20. In rupee terms, the FDI Equity inflows of Rs 224,613 Crore are 23% more than the last year. August, 2020 has been the significant month when US$ 17,487 Million FDI equity inflows were reported in the country. 

The Minister mentioned that our energy agenda is inclusive, market-based and climate sensitive.