In Short : The Prime Minister’s statement that India ranks fourth in the world in renewable energy installed capacity indicates the country’s substantial progress in adopting and implementing renewable energy sources. This achievement underscores India’s commitment to addressing climate change and promoting sustainable energy practices.
In Detail : The Prime Minister, Narendra Modi inaugurated India Energy Week 2024 in Goa today. India Energy Week 2024 is Indias largest and only all-encompassing energy exhibition and conference, bringing together the entire energy value chain to catalyze India’s energy transition goals. The Prime Minister also held a roundtable with Global oil & gas CEOs and experts. Noting that India Energy Week 2024 is taking place at a significant time period when Indias GDP rate crossed 7.5% in the first six months of the financial year, the Prime Minister said that the growth rate is higher than the global growth estimate making India the fastest growing economy in the world.
He also mentioned the International Monetary Funds prediction of similar growth trends in the future. Today, India ranks fourth in the world in Renewable Energy Installed Capacity. Around 40 percent of Indias installed capacity comes from non-fossil fuels. Highlighting the nation’s progress in solar energy, Prime Minister Modi stated, In the past decade, India’s Solar Energy Installed Capacity has grown by more than 20 times.