Investment in the country’s renewable energy sector dropped by 14 per cent to Rs 68,550 crore in calendar year 2019, Parliament was informed on Thursday.
In 2018, the estimated investment in the domestic RE sector was at Rs 79,606 crore, Minister of Power, New and Renewable Energy R K Singh informed the Lok Sabha. An estimated Rs 68,550 crore investment was made in the renewable energy sector in 2019, he said citing private data.
While the investment in 2015 was at Rs 72,972 crore, it zoomed to Rs 1,00,982 crore in 2016, the data showed. The investment dropped to Rs 81,080 crore in 2017 and further to Rs 79,606 crore in 2018.
India has set an ambitious production target of 175 GW of renewable energy by 2022.
The minister further said that a cumulative renewable energy capacity of 86.75 GW has already been installed in the country up to February 2020, and to achieve the balance target of 88.25 GW, an estimated investment of around Rs 4,21,861 crore is required at present capital costs.
A Parliamentary panel recently expressed dismay over Ministry of New & Renewable Energy (MNRE) missing its annual targets continuously and suggested the ministry to identify weak areas and take corrective actions without any further delay.