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India to offer production-linked incentives for solar modules, renewable energy business

New Delhi: Renewable energy will generate business worth $20 billion a year over the next decade in India, which aspires to become the global manufacturing hub in the sector, Prime Minister Narendra Modi said on Thursday.

Modi invited global investors to the rapidly growing sector and assured them that ease of doing business was his government’s top priority. The government is also supporting high technology in the sector and plans to launch a National Hydrogen Energy Mission, Modi said at the launch of RE Invest, the ministry of new and renewable energy’s flagship event. World leaders, including Israeli Prime Minister Benjamin Netanyahu, took part in the inaugural event.

India’s commitment to combat climate change had driven the rapid expansion in the sector which attracted investments of $64 billion in the last six years, Modi said. “India’s progress in the field of renewable energy is an outcome of our commitment and conviction in fighting climate change,” he said.

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