Commending India's progress in the renewable energy sector, Modi said the government was working towards adding 500GW of non-fossil energy capacity over the next 10-11 years. He also called for a nationwide "clean cooking movement" to reduce the country's dependence on imported gas.
Speaking at the inauguration of the Bharat Renewable Energy Summit at Bharat Mandapam on Monday, Modi said the ongoing energy crisis had highlighted the direct connection between energy security and economic security. He stressed that countries must reduce their dependence on fossil fuels to protect their economies from repeated global disruptions.
"This global crisis has given every country a clear message that energy security is directly linked to economic security. If we continue to remain too dependent on fossil fuels, global economy will continue to be disrupted again and again," he said.
Modi said India had already achieved nearly 300GW of installed non-fossil power capacity, accounting for more than 50% of its total installed capacity. The country is pursuing its target of reaching 500GW of non-fossil energy capacity by 2030.
Highlighting the investment potential of the sector, the Prime Minister said India's clean energy industry could offer opportunities exceeding Rs 20 lakh crore (0 billion) by the end of the decade. These opportunities are expected across renewable energy generation, transmission infrastructure, manufacturing and energy storage.
He said more than Rs 15 lakh crore ($164 billion) had been invested in the clean energy sector over the past decade, including Rs 6 lakh crore ($63 billion) during the last two years.
"For all of you, a new sky of opportunities is about to open up in India's clean energy sector," Modi said. He added that it was difficult to find "political and policy stability" like India's anywhere in the world.
Referring to government initiatives such as the PM Surya Ghar Muft Bijli Yojana and PM-Kusum, Modi said India was integrating solar power into the everyday lives of citizens. He urged farmers to move beyond using solar-powered pumps and become energy producers by installing solar panels on vacant farmland and along field boundaries.
"Annadata should become Urjadata," he said.
The Prime Minister also called on startups and innovators to develop solutions that would allow households to use rooftop solar power for cooking, reducing dependence on imported cooking gas. He emphasised the need to expand the adoption of electric vehicles, with households using solar electricity generated on their rooftops to charge them.
Modi's remarks placed renewable energy, domestic solar generation and clean cooking at the centre of India's efforts to strengthen energy security, reduce fossil fuel dependence and expand investment opportunities in the clean energy sector.
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