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India's potential in green energy no less than a goldmine, invest here: PM to investors

India targeting production of 5 million tons per annum of green hydrogen and provided Rs 19,000 crore incentive for private sector under National Hydrogen Mission.

India's potential in green energy no less than a goldmine, invest here: PM to investors

Thursday February 23, 2023 , 2 min Read

Prime Minister Narendra Modi on Thursday sought investments in green energy sector saying that the country's potential in renewable energy is no less than a goldmine.

Addressing a webinar on various announcements made in the Union Budget 2023-24 on green growth, Modi said, "India will play an important role in green energy, I invite all stakeholders to invest in India."

He stated that the potential of renewable energy like solar, wind energy and biogas in India is not less than a goldmine.

He stated that the government is very focussed on bio-fuel and it will bring a lot of opportunity for investors.

He referred to India achieving 10% ethanol blending target five months ahead of schedule. He also talked about meeting the target of 40% non-fossil fuel capacity nine year ahead of schedule.

He stated that Budgets since 2014 have not just addressed present challenges but have furthered new-age reforms.

India targeting production of 5 million tons per annum of green hydrogen and provided Rs 19,000 crore incentive for private sector under National Hydrogen Mission.

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He also talked about Rs 3,000 crore provision in the Budget for vehicle scrapping and about 3 lakh government vehicles that are older than 15 years to be scrapped.

He stated that India has to increase battery storage capacity to 125 giga-watts hour.

India has set an ambitious target of having 500GW of renewable energy by 2030.