India’s solar energy sector has attracted a noteworthy $3.8 billion in foreign direct investment (FDI) over the past three financial years, disclosed Mr. Bhagwant Khuba, the Minister of State for the Ministry of New and Renewable Energy, and Chemicals and Fertilisers.
Both domestic and foreign investors are contributing to the development of solar energy plants in the country. The minister stated that this increase in FDI shows the confidence of investors in India’s solar sector.
The announcement was made during the third edition of ETEnergyWorld’s Solar Power Congress 2024, where Minister Khuba highlighted the substantial progress in India’s renewable energy sector. He also stated that renewable energy projects stand to benefit from 100% FDI through the automatic route, where the investor would not need any approval from RBI for the investment.
Minister Khuba emphasized that India’s Renewable energy sector is on the brink of a revolution due to the government’s significant initiatives. Among these measures is the waiver of Inter-State Transmission System (ISTS) charges for renewable energy projects commissioned by June 30, 2025.
The Minister also highlighted the impact of ambitious government schemes, including Surya Ghar Muft Bijli Yojana, PM-KUSUM, solar rooftops phase-II, 12,000-MW CPSU scheme phase-II, and a production-linked incentive scheme (PLI) for higher efficiency solar PV models.
Expecting more growth this year, Minister Khuba shared that under the production-linked incentive scheme for high-efficiency solar PV models, letters of award have been issued for the establishment of 48 GW of fully or partially integrated solar PV module manufacturing capacity in India. These capacities are scheduled for commissioning from October 2024 to April 2026.
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Resource: The Economic Times
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