India Powers Ahead: NTPC's Renewed Boost in Renewable Energy

India's Union Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has provided enhanced autonomy to NTPC, a Maharatna company, allowing it to boost investments in renewable energy projects up to Rs 20,000 crore. This development is a significant leap from the previous cap of Rs 7,500 crore, aiming to achieve a 60 GW renewable capacity by 2032.

This strategic move underscores the Government's commitment to fortifying the nation's power infrastructure and ensuring 24/7 electricity access. With an increased focus on renewable projects, the initiative will also spur direct and indirect job opportunities during construction, operations, and maintenance phases, supporting local communities economically.

The official release noted that the expansion supports local suppliers, MSMEs, and promotes entrepreneurial ventures, enhancing socio-economic progress. India has already achieved a milestone, deriving 50% of its installed electricity from non-fossil fuels, surpassing targets set in the Paris Agreement. As a leading power utility, NTPC aims to significantly contribute to India's overarching goal of 500 GW non-fossil capacity by 2030 and achieving net-zero emissions by 2070.

NTPC's subsidiary, NGEL, is spearheading this renewable push through organic and inorganic expansions, with partnerships across State Governments and other enterprises. Currently, NGEL has a 32 GW renewable energy portfolio, cementing NTPC's leadership in India's ambitious energy transition. This development aligns with the country's 'Panchamrit' pledges made at COP26, further driving the reduction of carbon emissions to meet global standards.

(With inputs from agencies.)