Prime Minister Narendra Modi to inaugurate RE-Invest 2020 tomorrow

Prime Minister Narendra Modi will inaugurate the virtual 3rd Global Renewable Energy Investment Meeting and Expo (RE-Invest 2020) on November 26. The summit is organized by India’s Ministry of New and Renewable Energy (MNRE) and will be held from November 26 to 28, 2020.

Themed around ‘Innovations for Sustainable Energy Transition,’ the RE-Invest 2020 will feature a three-day conference on renewables and future energy choices and an exhibition of manufacturers, developers, investors and innovators. It is expected to be attended by over 75 international ministerial delegations, over 1000 global industry leaders, and 50,000 delegates. 

The event will connect the global investment community with Indian energy stakeholders, and build upon the success of the first two editions held in 2015 and 2018 .

Currently, India meets about 85% of its solar cell and module requirements through imports. The MNRE is making concerted efforts towards setting up new hubs to manufacture renewable energy equipment in the country to meet domestic demand and cater to global market. It has written to various State Governments and Port authorities to identify land parcels of 50-500 acres for setting up such RE manufacturing parks. 

These hubs will manufacture equipment like silicon ingots and wafers, solar cells and modules, wind equipment, and ancillary items like back sheet, glass, steel frames, inverters and batteries.

To incentivize domestic manufacturing, the Government of India has already announced provisions to enable levying of basic customs duty on solar cell and module imports.

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