India’s Renewable Energy Sector Sees Investment worth 1.32 Lakh Crores in Past Three Years

In the solar power segment alone, a total investment of Rs 37,451 crore and Rs 26,116.8 crore were made in 2017-18 and 2018-19, respectively. Solar power projects worth Rs 22,199 crore were set up in the current fiscal till December

February 19, 2020. By News Bureau

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India has appealed investments to the tune of a massive Rs 1.32 lakh crore in the renewable energy sector in the past three years since April 2017.

This comprises Rs 55,436 crore investment made in 2017-18, Rs 40,459 crore invested in 2018-19 and Rs 36,729 crore investment done in the first nine months of the current financial year (2019-20), power and renewable energy minister R K Singh informed in a written reply in Parliament.

In the solar power segment alone, a total investment of Rs 37,451 crore and Rs 26,116.8 crore were made in 2017-18 and 2018-19, respectively. Solar power projects worth Rs 22,199 crore were set up in the current fiscal till December.

The government is working on a target of installing 175 gigawatts (GW) of renewable energy capacity by 2022. "As on 1 January, 2020, the country has installed 85.90 GW of renewable energy capacity which constitutes 23 per cent of total installed power generation capacity in the country,” Singh said.

Responding to a separate question on green energy jobs in the country, he said the renewable energy sector provided total employment in the form of 719,000 jobs in 2018 according to a report by International Renewable Energy Agency (IRENA).

“IRENA estimated the employment in solar photovoltaic as 115,000 jobs in grid-connected, wind energy sector 58,000 jobs and in hydro power sector 347,000 jobs,” he further.

According to the report, India is one of the top six countries in terms of creation of green energy jobs.

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