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This is the right time to invest in solar manufacturing: Modi

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New Delhi: Placing emphasis on the electricity generation and solar manufacturing in the country, Prime Minister Narendra Modi said that this is the right time to invest in solar manufacturing.

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“This is the right time to invest in solar manufacturing,” Modi said, adding, he saw an investment potential of Rs 70,000 crore to Rs 80,000 crore in solar manufacturing.

Modi said he saw the 121-country International Solar Alliance (ISA) as the future OPEC for meeting energy needs of the world.

The Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia currently meets close to half of the world’s oil needs.

Speaking at the first assembly of the ISA, the Prime Minister said solar power will play the same role that oil wells have played over the past few decades in meeting global energy needs. Stating that the focus must be on renewable sources for meeting energy needs, he said India wanted to bring all UN members on board of the ISA.

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Modi said 50 gigawatt (GW) of renewable energy will be added to existing capacity and non-hydro renewables will contribute 20% of the country’s total energy needs.

The Prime Minister said 31 crore LED bulbs save 40,000 million units of electricity and Rs 16,000 crore in a year.

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