Modi unveils ₹12,000 crore plan for hydropower at REInvest 2024
What's the story
Prime Minister Narendra Modi has unveiled an ambitious plan to boost India's renewable energy sector. The strategy was announced at the REInvest 2024 summit today. It includes a significant investment of over ₹12,000 crore toward hydropower projects, with a goal of generating 31 GW of hydropower in the near future. This initiative is part of the government's broader vision to position India as a global leader in renewable energy.
Employment boost
Renewable energy plan to create 20L jobs
Modi also announced that the renewable energy initiative is expected to generate 20 lakh jobs under the PM Surya Ghar Muft Bijli Yojana. This program aims to increase solar rooftop capacity, and empower the households to generate their own electricity. The Indian railway network, which serves 1-1.5 crore passengers daily, is also on track toward achieving net-zero emissions as part of this comprehensive plan.
Climate leadership
Modi highlights India's commitment to climate action
The PM emphasized India's commitment to climate action, noting that it is the only G20 country to have met its climate goals ahead of schedule. "We have decided to build our future with renewable energy, as we lack oil and gas resources," he stated. He also shared a personal anecdote about former US President Barack Obama, highlighting his unwavering focus on renewable energy for the welfare of future generations.
Summit details
A platform for renewable energy discussions
The REInvest 2024 summit, inaugurated by PM Modi in Gandhinagar, Gujarat, serves as a platform for discussions on renewable energy. The event aims to facilitate networking opportunities via a digital platform for business-to-business (B2B), business-to-government (B2G), and government-to-government (G2G) interactions. This year's industry partner is the Confederation of Indian Industry (CII). The main theme of the event is Mission 500 GW, emphasizing India's goal to expand its renewable energy capacity by 2030.