Bengaluru: Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel invited investors to invest in India’s renewable energy sector. 

The invitation comes with an assurance that it will be a highly rewarding and mutually beneficial venture, reports Economic Times. 

He was speaking at the valedictory function at the third RE-INVEST 2020 Summit. 

He expressed happiness that India is progressively becoming a favoured destination for investment in renewables. It is to be noted that during the last 6 years, over $64 billion investment has been made in renewable energy in India. India has a very liberal FDI policy in the energy sector, including renewables.

“Foreign investors can either invest on their own or enter into joint ventures with an Indian partner for financial and/or technical collaboration for setting up of renewable energy-based power generation projects.”, he was quoted as saying. 

He also laid emphasis on “Ease of doing business”.

“Our continuous focus is on maintaining sanctity of contracts and safeguarding investments. We have established dedicated Project Development Cells (PDC) and Foreign Direct Investment (FDI) cells in all Ministries for handholding and facilitating domestic and foreign investors.  Adequate measures and safeguards have also been undertaken to address the concerns of businesses and investors arising out of the Covid pandemic,” he was further quoted as saying. 

The minister underlined that India is in the midst of a major transformative shift in its energy sector, to end energy poverty in India. 

“While doing so, our twin objectives are to enhance availability and affordability of clean fossil fuels and green fuels, and to reduce the carbon footprint through a healthy mix of all commercially-viable energy sources. We are consistently taking energy policy initiatives. Revamping policies, and taking needful measures. We are developing next-generation infrastructure based on five guiding key enablers of energy availability and accessibility to all, energy affordability to the poorest of the poor, efficiency in energy use, energy sustainability to combating climate change as a responsible global citizen and security for mitigating the global uncertainties,” he added.