India’s Renewable Energy Space Saw Around $70 Billion Investment In Last Seven Years: Union Minister RK Singh

India's renewable energy sector has seen investments of as much as $70 billion (Rs 5.2 lakh crore) over the last seven years as per details shared by Union Minister for Power and New and Renewable Energy RK Singh, reports Economic Times.

Addressing an event on "Accelerating Citizen-Centric Energy Transition", Singh added, "India has a liberal foreign investment policy for renewables allowing 100 per cent FDI through the automatic route in the sector."

Singh emphasised that ensuring ease of doing business is the Government's utmost priority and also added, "Our continuous focus is on maintaining the sanctity of contracts and safeguarding investments."

Singh also talked about how India has established dedicated project development cells (PDC) and foreign direct investment (FDI) cells in all ministries for handholding and facilitating domestic and foreign investors. He added that adequate measures and safeguards have also been undertaken to address the concerns of businesses and investors arising out of the COVID-19 pandemic.

Singh further lauded the commitment shown by the Indian industry to India's energy transition plans.