Bhagwant Khuba, Union Minister of State for New and Renewable Energy, stated today that India is dedicated to increasing local manufacture of high-efficiency Solar PV modules, for which a total budget allocation of Rs. 24,000 has been made.

The Minister presented the keynote address at the investment promotion event on "India's Solar Energy Market" at Intersolar Europe 2022 in Munich, Germany.

'Further, India presents an excellent investment opportunity. In India, projects totaling around $196.98 billion are now under construction. I once again invite other developed nations and big RE players to take advantage of the opportunity that India is providing to the globe,' he added.

In his key note address, Khuba stated that "under PM Modiji's ambitious Panchamrit objectives established during COP-26, India is on track to reach net-zero by 2070 and deploy 500GW of non-fossil energy by 2030." He stated that India's tremendous renewable energy resource potential and strong governmental support give a solid platform for accomplishing these objectives.

He stated that India has experienced an amazing increase in renewable energy capacity over the last seven years and has attained a target of 40 percent cumulative electric capacity from non-fossil fuel in 2021, nine years ahead of the established objective of 2030.

The Indian government is dedicated to fostering local production in the solar PV sector in order to meet its ambitious deployment targets. He stated that certain governmental initiatives have been implemented to boost the local PV manufacturing sector.

In order to foster the green hydrogen economy, India has budgeted Rs. 25,425 Cr. The Green Hydrogen Mission is planned to produce 4.1 million tonnes of green hydrogen per year.