Prime Minister Narendra Modi stated that India’s investments in renewable energy over the past decade helped lessen the impact of the West Asia crisis. He indicated that without these investments, the crisis would have affected India more severely than other nations.
The Prime Minister highlighted that the West Asia crisis underscored the link between energy security and economic security, asserting that clean energy is crucial for future energy security. He cautioned that over-reliance on fossil fuels could increase vulnerability to global disruptions.
Mr. Modi also projected significant investment opportunities in India’s renewable energy sector, estimated at approximately $220 billion by the end of the decade. He emphasized India’s unique scale, scope, demand, and political stability for potential investors.
Looking ahead, the Prime Minister outlined the next phase of the solar revolution, focusing on innovation in indigenous manufacturing of hardware and battery storage, as well as capacity enhancement. He envisioned a future where the middle class could use electric vehicles charged by solar energy, leading to cost savings.
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Source: thehindu.com
