Rs 30 lakh crore needed to meet 2030 renewable energy target: Government

New Delhi: Union Minister for New and Renewable Energy Pralhad Joshi on Tuesday said that an investment of up to Rs 30 lakh crore is expected to meet the country’s target of 500 GW renewable energy capacity by 2030.

Replying to a discussion on New and Renewable Energy Ministry, the Minister said that renewable energy is among the top priorities of the Modi government, he said, adding that it is evident from the fact that the outlay has been doubled in the budget this year to over Rs 20,000 crore.

Total renewable energy generated in India in the past 10 years has increased from 193.5 billion units to 359.89 billion units, he said.

During his over one-hour reply, the Opposition walked out of the House objecting to his remarks on the Congress party over its relationship with China.

“India has witnessed a significant shift in the investment Dynamics of Renewable energy projects. Around 7 lakh crore in the last 10 years has already been invested,” he said.

Taking a dig at the Congress party, the minister said in 10 years between 2004 and 2014, the investment was not even Rs 3 lakh crore. Between 2004 and 2014, when the entire world was discussing and developing renewable energy, the total expenditure was Rs 6,091 crore only.

This year’s budget for the ministry is over Rs 21,000 crore, he said, adding in the last 10 years “the total expenditure is Rs 36,952 crore”.

During the discussion, opposition members raised doubts and asked how the government would achieve the target of 500 GW from renewable energy by 2030 as the current capacity was 200 GW only.