India will see a big shift towards renewable energy, which offers potential investment opportunities for NRIs, a top Indian minister said.
During a webinar on ‘Atmanirbhar Bharat - Opportunities in Solar and MSMEs’ hosted by community organisation Indian People’s Forum UAE, Nitin Gadkari, Indian Minister for Road Transport and Highways and the Minister of Micro, Small and Medium Enterprises (MSMEs) said that electric power will be the fuel for the future.
“There is huge potential in solar energy. You can make partnerships with farmers and start solar projects. I invite all of you to invest and make India a global economic power through reliability, mutual trust and long-term cooperation.”
Gadkari predicts electric vehicles to gain popularity in the near future and noted that 81 per cent parts of lithium-ion batteries were made in India, with plans afoot to manufacture 100 per cent by September.
“The price of this battery is continuously going to reduce. So, there is a huge potential for that.”
He highlighted that within the next five years, India will be “number one auto manufacturing hub”.
“Solar power rate in India is Rs2.40. The commercial rate of power is Rs11 per unit. So, the cheap power, which we are going to generate by solar energy, can be used for automobile and other developmental works. So, we are concentrating on solar power. I am confident by 2025 there will be a lot of revolutionary changes. We will manufacture all electric cars, buses, bikes and autorickshaws. All big brands in the world are taking interest to manufacture their cars in India. By making solar energy available, we are going to create a big market for electric vehicles.”
Gadkari noted that by diversifying agriculture to the energy and power sector, ethanol fuel was being locally manufactured, which at Rs60/litre was the cheapest alternative to petrol and diesel.
“The size of the ethanol economy is Rs20,000 crore and we want to make it up to Rs200,000 crore.”
He added that India’s scrapping policy of vehicles presents another opportunity for investment.
“Currently our automobile industry turnover is Rs450,000 crore. We have already framed the scrapping policy. India has 18 crore vehicles.”
Gadkari pointed out the Indian government was encouraging MSMEs with good turnover and export records to tap the capital market and offering an equity infusion of 10 per cent to them.
“As per the returns comparable in the UK, the US and even Dubai, it is very less, but our MSMEs will give you more than 12 per cent returns. So, there is a golden opportunity for all of you to invest in Indian MSMEs through Bombay Stock Exchange and National Stock Exchange.”
Encouraging all investors, he added: “We are the facilitator and supporter. We are in favour of good governance where there will be less interference from the government. We will give you all types of facilities: water, power, transport, communication and good roads, and export, that is our responsibility.”
Events to be staged at the DWTC, comprising diverse sectors including construction, energy, technology, beauty, food, healthcare, environment and automotive, will mark the emirate’s post-pandemic economic recovery
Local business8 months ago