India is progressively becoming a favoured destination for investment in renewables and during the last 6 years over US $64 billion investment has been made in renewable energy in India says Minister of Petroleum & Natural Gas and Steel Dharmendra Pradhan speaking at the valedictory address at the Global RE-INVEST 2020.     

 

Pradhan said that India has a very liberal FDI policy in the 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 renewable energy-based power generation projects, commented Pradhan. 

 

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 handholding 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-19 pandemic,” said Pradhan. 

 

Pradhan said that India is in the midst of a major transformative shift in its energy sector to end energy poverty in India. 

 

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 combat climate change as a responsible global citizen and security for mitigating the global uncertainties,” added Pradhan.