India's Renewable Energy Push: Government Ups Investment to Spearhead Green Future
The Indian government has significantly increased investment limits for public enterprises NTPC and NLCIL to boost renewable energy projects. This advancement aims to help the country reach 60 GW of renewable capacity by 2032, part of a broader goal to achieve 'Net Zero' emissions by 2070.
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On Wednesday, the Indian government took a major step toward advancing green energy by elevating the investment cap for NTPC to Rs 20,000 crore and approving NLCIL to inject Rs 7,000 crore into renewable energy initiatives.
The enhanced investment limit for NTPC, a leading state-owned power utility, enables the company to target 60 GW of renewable energy capacity by 2032, from the current limit of Rs 7,500 crore. Similarly, NLCIL received approval to channel Rs 7,000 crore into its subsidiary, NLC India Renewables Ltd, facilitating investments directly or through joint ventures without prior consent.
These strategic moves were approved during a Cabinet Committee on Economic Affairs meeting led by Prime Minister Narendra Modi. Information and Broadcasting Minister Ashwini Vaishnaw lauded the decisions as groundbreaking for India's energy transition, highlighting the nation's achievement of deriving 50% of installed electricity capacity from non-fossil fuel sources, well ahead of international commitments.
(With inputs from agencies.)
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