Nearly $12.67 billion received as FDI in renewable energy sector: Minister
Solar energy has emerged as the leading sector attracting the majority of such investment, while the western region of the country has received the highest share of FDI in this period, Minister of State of New and Renewable Energy and Power, Shripad Yesso Naik, said in a written reply in the Rajya Sabha.
Recognising the need to scale up investments in renewable energy to meet the national target of 500 GW of non-fossil fuel capacity by 2030, the government has undertaken various initiatives to attract both domestic and international capital which include permitting 100 per cent FDI under the automatic route and introduction of Climate Finance Taxonomy in the Union Budget 2024-25 for enhancing the availability of capital for climate adaptation and mitigation.
Earlier this month, India achieved a landmark milestone of 100 GW solar PV module manufacturing capacity, reflecting the country's rapid progress in building a robust and self-reliant solar manufacturing ecosystem, aligned with the national vision of Atmanirbhar Bharat and the global imperative for clean energy transition.
The government's commitment is to make India self-reliant in solar PV manufacturing and establish the country as a major player in the global value chain.
India has also surpassed Japan to become the third-largest producer of solar energy globally, which is a significant development in the nation's clean energy development. India produced 1,08,494 gigawatt-hours (GWh) of solar power, more than Japan, which produced 96,459 GWh, as per data from the International Renewable Energy Agency (IRENA).
The installed wind energy capacity in India had reached 51.67 GW as of June 30 this year. The country's wind energy capacity has been steadily growing over the last three fiscal years, from 2,275.55 MW added in 2023-2024 to 3,253.39 MW added in 2024-2025 and 1,637.02 MW of new capacity installed in the April-June quarter of 2025-2026.
--IANS
na/vd
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
18 minutes ago
- Business Standard
India, US negotiating agreement to liberalise trade in goods: Minister
India and the US are negotiating a multi-sector bilateral trade agreement and as a part of the negotiations, both sides are discussing liberalisation of trade in goods, including non-sensitive agricultural products, Parliament was informed on Tuesday. The government is engaged with all relevant stakeholders including agriculture, farming experts, to assess the interests and requirements of India's rural economy, farmers and agricultural sector, Minister of State for Commerce and Industry Jitin Prasada said in a written reply to the Lok Sabha. "India and the USA are negotiating a multi-sector Bilateral Trade Agreement (BTA). As a part of negotiations, among other things, both sides are engaged in discussions on liberalization of trade in goods, including non-sensitive agricultural products, with the aim to expand trade and deepen the India-US trade relationship," he said. He added that the government is committed to taking all necessary steps to secure and advance the country's national interest and protect the welfare of our farmers, rural economy and agriculture sector. So far, five rounds of talks have been completed between the two countries on the proposed BTA. The US team has recently postponed their visit for the sixth round of negotiations, which was scheduled from August 25. In a separate reply, he said a reciprocal tariff at the rate of 25 per cent has been imposed on certain goods exported from India to the US starting from August 7. Further, additional duty of 25 per cent with effect from August 27, 2025 has been imposed on certain goods exported from India. "The Government has taken note of tariff imposition by the US," the minister said, adding it is estimated that around USD 48.2 billion of India's merchandise export (based on 2024 trade value) to the US will be subject to the above additional tariffs. He said that the government is committed to secure and advance the country's national interest and protect the welfare of Indian farmers, workers, entrepreneurs, exporters, MSMEs and all sections of industry and take all necessary steps to help mitigate impact on trade including through appropriate export promotion and trade diversification measures. Replying to a separate question, Prasada said India has entered into a Double Taxation Avoidance Agreement with the US that applies to the corporate taxation of Indian companies in the United States. The benefits available in this agreement remain unchanged irrespective of the domestic laws of the US. The US has not implemented the global minimum tax rules so far, and has stated that the commitment made by prior administration on it shall have no effect in America unless they are adopted in its domestic laws. "This is unlikely to affect taxation of Indian companies in the United States. US Corporate tax changes generally apply to entities with US tax liability and are not expected to directly affect exporters that sell from India," the minister said adding the government is engaged with all relevant stakeholders including industry to protect country's economic and commercial interests and to mitigate impact on trade through all appropriate steps including export promotion and trade diversification. In an another reply, the minister said the US has announced countervailing duties (CVD) on export of Melamine, Hexamine, Epoxy Resins, Ceramic Tile, Hard Empty Capsules, Overhead Door Counterbalance Torsion Springs, and High Chrome Cast Iron Grinding Media from India in the period January to July 2025. On April 2, he said, the US announced country specific reciprocal tariffs including on India. "A baseline tariff of 10 per cent on nearly all US imports was imposed w.e.f. April 5, 2025, with country-specific reciprocal tariffs, including on India @26 per cent, which was to be effective from April 9, 2025. However, on India, these reciprocal tariffs were suspended till August 1, 2025. India's export to the US covered by country-specific reciprocal tariffs, as per data for 2024, was USD 48.2 billion," Prasada said. The government, he added, is committed to taking all necessary steps to secure and advance the country's national interest and protect the welfare of our farmers, workers, entrepreneurs, exporters, MSMEs and employment-intensive industries to mitigate the impact on trade, including through appropriate export promotion and trade diversification measures. "Government is engaged with all stakeholders, including exporters and industry, for taking feedback on their assessment of the situation," he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
44 minutes ago
- Time of India
State's solar energy capacity touches 706.34MW
Kendrapada: Odisha's total installed solar power capacity stood at 706.34 MW till June 30, according to data from the Odisha Renewable Energy Development Agency. Around 486.66 MW worth of solar projects are underway. However, several projects face delays due to pending approvals for tree felling, vegetation clearance and land acquisition, minister of state for new and renewable energy and power Shripad Naik told the Rajya Sabha recently. In response to a query from Muzibulla Khan, the minister said that till July 31, a total of 16,441 solar pumps were sanctioned for the state, with 5,713 installed. The govt has launched the PM Surya Ghar Muft Bijli Yojana to achieve rooftop solar installations in 1 crore households by 2026-27. Pradhan Mantri Kisan Urja Suraksha & Utthaan Mahabhiyan (PM-KUSUM) scheme has been launched to support farmers in installing standalone solar grid-connected agriculture pumps and setting up solar power plants on barren, fallow or agricultural land. The scheme is being implemented nationwide, the minister added. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
an hour ago
- Time of India
Jain Samiti warns protest over false propaganda against Dharmasthala
Mangaluru: The Jain Dharma Hita Rakshana Samiti, Jaina Kashi, Moodbidri, has warned that the forum will launch a massive protest if the govt fails to initiate action against those who are allegedly spreading lies against Dharmasthala and its leaders on social media. The Samiti leader and former minister, K Abhayachandra Jain, and other members stated that the peace-loving community will stand united to fight if such instances are repeated. In an open letter to the Karnataka chief secretary, through the tahsildar of Moodbidri on Tuesday, Jain leaders stated that Dharmasthala is a revered religious centre. "The development activities at Dharmasthala have contributed immensely to the overall welfare of the locals. The leaders who dedicated their life to society's welfare, was honoured by Karnataka govt, and the govt of India bestowed the second highest civilian award as well. We are also proud that the leader was given an opportunity to represent Karnataka in the Rajya Sabha," the Samiti noted. Anti-social elements, who are not able to digest the growth of such a towering personality, have engaged in smear campaigns on social media and thereby tried to create unrest in the society, they alleged. Those with a criminal background, who are engaged in levelling false propaganda, should be dealt with under stringent laws, the Samiti urged. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
