On Monday 16 January 2024, Union Minister R K Singh revealed that the power and renewable energy Sector in India are ready to get a huge investment of Rs 17.05 lakh crore. This comes in addition to the significant Rs 16.93 lakh crore previously invested starting around 2014.
Singh featured the continuous ongoing developments, expressing that 80 GW of nuclear energy age limit is at present under development, expected to be operational by 2030. Moreover, a noteworthy 99 GW of renewable energy projects are underway.
Giving experiences into the investment breakdown, Singh explained that out of the Rs 16.93 lakh crore, Rs 11.2 lakh crore has been apportioned to sectors such as generation, distribution, and transmission, while Rs 5.73 lakh crore is reserved for the renewable power sector.
Looking forward, the minister projected a surge in India's power generation ability to more than 800 GW from the current 428 GW. He disclosed plans to sell 50 GW of environmentally friendly power projects yearly.
Singh also briefed reporters on the recently presented Electricity (Amendment) Rules 2024. Under these rules, purchasers with a specified quantum of b load and Energy Storage Systems (ESS) are currently allowed to establish, operate, and maintain dedicated transmission lines without the requirement for a license, greater flexibility in the energy landscape. The expected investment of Rs 17.05 lakh crore is supposed to additionally move India's advancement in the power and renewable energy sectors.