India Received $6.1 Billion Foreign Direct Investment in the RE Sector

Highlights:

India attracted over $6 billion of FDI from April 2020 to September 2023
Initiatives such as the creation of project development cells, the development of large-scale RE parks, new transmission lines, etc. were seen as the key reasons for the growth.

Union Minister R.K Singh has informed the Rajya Sabha that between April 2020 and September 2023, India attracted $6.1 billion in FDI.

“As per information available with the Department for Promotion of Industry and Internal Trade (DPIIT), the country has received a total FDI Equity investment amounting to USD 6,137.39 Million in the renewable energy sector, during the last three financial years and the current financial year (till 30.09.2023),” the minister said in a statement.

Singh emphasized that the current FDI policy allows up to 100% foreign investment in the renewable energy sector without any special approval. Moreover, the Indian government is actively promoting investment in this sector through initiatives like

Creation of a Project Development Cell to facilitate and attract RE investments
Establishment of Ultra mega Renewable Energy Parks to provide land and transmission infrastructure to developers for setting up large-scale RE projects
Development of new transmission lines as part of the Green Energy Corridor Scheme.
Introduction of schemes such as PM-KUSUM, Solar Rooftop Phase-II, and the 1200 MW CPSU Scheme Phase II.
Notification of Standards for the development of PV systems and devices
Establishment of Standard Bidding Guidelines for solar PV and wind projects
Introduction of the Green Term Ahead Market (GTAM), which allows the trading of renewable energy on a day-to-day basis.
Waiver of State Transmission System (ISTS) charges for solar and wind energy projects that are commissioned by June 30, 2025

The minister also informed the assembly that India’s current renewable energy capacity has reached 178 GW, out of which 72 GW is solar and close to 99 GW capacity is currently under implementation.

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Resource: Mercom India

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