14% dip in investments in renewable sector
Citing private data, Minister of Power, New and Renewable Energy, Shri R K Singh informed the Lok Sabha that the country’s renewable energy sector dropped by 14% to INR 68,550 crore in calendar year 2019. The estimated investment in the domestic RE sector was at INR 79,606 crore during the preceding calendar year. He also added that a cumulative renewable energy capacity of 86.75 GW has already been installed in the country up to February 2020 and observed that to achieve the balance target of 88.25 GW, an estimated investment of around Rs 4,21,861 crore is required at present capital costs.
Recently, a Parliamentary panel expressed dismay over Ministry of New & Renewable Energy (MNRE) for missing its annual targets consistently. The country has set an ambitious production target of 175 GW of renewable energy by 2022. The panel went on to suggest the ministry to identify weak areas and take corrective measures without any further delay.