Investment in renewable energy has doubled, says Pralhad Joshi

Consumer Affairs Minister Pralhad Joshi addresses the Rajya Sabha during the monsoon session of Parliament in New Delhi on August 6, 2024. | Image Source: ANI

Replying to a debate in Rajya Sabha on the functioning of the Ministry of New and Renewable Energy, Minister Pralhad Joshi on Tuesday said energy security is one of the nine key priority areas for the Narendra Modi government. He said the budget allocation for the sector has almost doubled from ₹10,000 crore last year to over ₹20,000 crore this year.

Mr. Joshi said the budget proposals will create employment opportunities in the renewable energy sector, reduce dependence on fossil fuels and mitigate climate change, enhance energy security and reduce carbon emissions, thereby promoting sustainable development. “We must seize this opportunity to transform India into a global leader in renewable energy,” he said.

Since 2014, Mr. Joshi said, the country has increased its renewable energy capacity by 165% — from 76.38 gigawatts (GW) in 2014 to 203.1 GW in 2024. “We have crossed 200 GW of non-fossil fuel capacity, which includes 85.47 GW of solar, 46.93 GW of large-scale hydro, 46.66 GW of wind, 10.95 GW of bioenergy and 5 GW of small-scale hydro,” he said.

He said installed solar and wind capacity has increased, while the share of thermal sources has declined. “India has reached the fourth position in the world in terms of installed renewable energy capacity,” he said.

Taking issue with Congress MP Ranjeet Ranjan’s statement that Prime Minister Narendra Modi maintains friendly relations with China, Mr Joshi said that during the Congress government, a large tract of Indian territory was given to China. The Opposition came out in protest against the minister’s statement.