As reported by a Government official, India is set to achieve a renewable energy capacity of 240GW by 2024.
The International Energy Agency (IEA) was expecting India to revise its renewable energy capacity addition target in the coming years. This was to entail a higher flow of investments into the renewable energy sector as stated by Fatih Birol, executive director of IEA, New Delhi.
Growth seen in the last five years is almost 150%. And the capacity increased to 77.6GW. The government set a target of 175 GW by 2022.
India is also formulating a policy to build a 30 GW local capacity for manufacturing solar cells and modules by 2024, Anand Kumar, secretary to the ministry of new and renewable energy, said at an event in New Delhi.
In order to speed up the process the government on Thursday invoked special powers to direct electricity regulator to clear 66.5 transmission schemes identified for 66.5 GW renewable energy projects.
India might surpass the 175 GW target and achieve 225 GW of capacity by 2022, Power Minister RK Singh said last year, but did not provide an official figure at the time.
Source: The Economic Times
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