Union New & Renewable Energy Minister Pralhad Joshi invited investors to invest in India on Monday, citing bank and financial institution commitments of Rs 32.45 lakh crore for green projects. Addressing the first session of the 4th RE-INVEST 2024, Joshi stated, "We have received overwhelming commitments from the states and UTs, as well as from developers, manufacturers, and financial institutions, to support our goal of 500 GW by 2030."

He stated that developers have committed to an extra 570 GW of capacity augmentation.

He stated that the manufacturers have committed to increasing their manufacturing capacity by 340 GW for solar modules, 240 GW for solar cells, 22 GW for wind turbines, and 10 GW for electrolysers.

Banks and financial institutions have promised to providing an additional USD 386 billion (Rs 32.45 lakh crore) in financing by 2030.

"I invite all stakeholders to invest in India's vibrant and rapidly growing renewable energy sector," he stated.

As India rises on the global stage, your investment will benefit from our growing influence and strategic international alliances, Joshi stated. Let us work together to make this vision a reality and realize India's great potential, he continued.

Today, India is not only the world's fifth-largest economy, but also one of its fastest-growing. "This growth is driving an unprecedented demand for energy and we are committed to meeting this demand sustainably, with remarkable advancements in renewable energy," added the CEO.

"I am proud to recount that there has been a 76 percent decrease in tariff for Grid-connected solar power plants," according to him.

Our installed renewable energy capacity has expanded from 75.52 GW in March 2014 to more than 207.7 GW presently, he added, representing a tremendous 175% increase over the previous decade.

The overall renewable energy generation in India surged by 86% between 2014 and currently, from 193.50 billion units to 360 BU, according to the ministry.

RE-INVEST is being organized by the Ministry of New and Renewable Energy in collaboration with the CII.