Page 52 - Policy Economic Report - September 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

hosted by India in the last one month, Shri Modi said that Global Fintech Fest was organized earlier in this
month, people from across the globe participated in the First International Solar Festival, Global
Semiconductor Summit, India also hosted the 2nd Asia-Pacific Civil Aviation Ministerial Conference and
today India is hosting a conference of Green Energy.

The Prime Minister said India is the first G20 nation to achieve the climate commitments set in Paris, that
too 9 years before the deadline. Shri Modi outlined the nation’s goals to achieve the target of 500 GW of
renewable energy by 2030 and said that the government has turned the green transition into a people’s
movement. He suggested studying India’s unique scheme for Rooftop Solar - PM Surya Ghar Free
Electricity Scheme where the government funds a Rooftop Solar Setup for every family and helps in
installation. Through this scheme, the Prime Minister said, every household in India becomes a power
producer. He informed that more than 1 crore 30 lakh families have registered under the scheme and
installation work has been completed in 3.25 lakh houses so far. Shri Modi further added that PM Suyra
Ghar scheme is becoming a medium of employment generation and environment protection generating
around 20 lakh jobs. PM Modi informed that the government aims to prepare 3 lakh youth as skilled
manpower under this scheme. Out of these, one lakh youth will be Solar PV Technicians. “Every 3 kilowatts
of solar electricity generated will prevent emission of 50-60 tonnes of carbon dioxide”, he said, noting the
contributions of every family in fighting climate change.

Addressing the gathering Union Minister for New and Renewable Energy, Shri Prahlad Joshi made the
inaugural address and emphasized how under Shri Narendra Modi’s leadership India is claiming a leading
position in the global renewable energy sector. He also made an appeal to all stakeholders to invest in
India’s vibrant and rapidly growing RE sector. He reiterated our commitment to harness the immense
potential of renewables that India offers.

Shri Joshi expressed deepest gratitude to participating States in the RE INVEST Meet. He said, our States
not only highlight the collective vision of India for a greener future but also play a key role in attracting
and nurturing investments in the renewable sector. Shri Prahlad Joshi also felicitated states and industries
for their remarkable contribution in surpassing 200 GW of installed non-fossil power capacity in the
country. Urge other States to learn from the success stories in the renewable sector and adopt it suiting
their own requirements.

Make in India Powers Energy Transition: Fuels renewable energy equipment boom

As "Make in India" initiative of Government of India completes 10 years, it has been proven to be a driving
force in promoting investment, fostering innovation, and building world-class infrastructure to transform
India into a hub for manufacturing, design, and innovation. It continues to play a pivotal role in developing
a robust manufacturing sector for renewable energy in the country. One of the key focuses of the
Government is to support and incentivize domestic manufacturing in the renewable energy sector. The
renewable energy equipment manufacturing sector in India is well-positioned to meet domestic demand
and serve the global market through exports, establishing India as a key player in the renewable energy
manufacturing space.

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