US Ambassador Eric Garcetti currently shared that the United States International Development Finance Corporation (DFC) plans to invest USD 3.8 billion in India’s renewable energy and infrastructure goals to support the country. The announcement was made at the event held in Mumbai. Garcetti focuses on the importance of collaboration between the countries in a sector like critical minerals, semiconductors, defence, and space. Moreover, the investment will also be beneficial for the sectors like agriculture, healthcare, and financial services. The funding will help the domestic solar market for the supply chain and thereby boost the solar market of the country.
The investment of USD 3.8 billion, is to be made by the International Development Finance Corporation (DFC) to achieve India’s renewable energy and infrastructure goals said US Ambassador, Eric Garcetti. This statement was declared at an event on ‘Indo-US Space Co-operation‘ in Mumbai. Garcetti discussed the importance of cooperation between the US and India in areas like critical minerals, semiconductors, defence, and space. He also took the initiative to support agriculture, healthcare, and financial services.
This investment will be the cherry on the top for the Indian solar market, as the solar sector in the country has grown incredibly for the past several and is booming more with the support of the government and technological advancement.
Garcetti also expressed delight to share that the US-India Alliance for Women’s Economic Empowerment is growing with new partners.
He further states that this year, both countries are creating relationships in various sectors like companies, people, governments, universities, investors, and startups to promote innovation and ensure that space remains a peaceful arena for progress. Organizing the inaugural US-India cities exchange,The US desires to strengthen the bond between cities such as Los Angeles and Mumbai. The goal behind this is to facilitate the exchange of top-notch urban planning concepts, covering areas like air pollution, public transportation systems, climate change, and infrastructure.
At the beginning of the country, the US Department of Energy (DOE) declared an investment of $71 million, including $16 million from the President’s Bipartisan Infrastructure Law, in research, development, and demonstration projects to develop the network of the domestic market across the US solar energy supply chain.
The selected project focuses on the gaps in the domestic solar capacity for the supply chain including equipment, silicon ingots and wafers, and both silicon and thin-film solar cell manufacturing. The aim is to create a more robust domestic supply chain for solar products. This reduces reliance on external sources and improves efficiency. It also opens the market for building-integrated PV and Agrivoltaics. As an outcome, this investment will boost the country economically by creating new jobs and the domestic supply chain will reduce the dependence on foreign countries. It also reduces the carbon footprint and more RE production which encourages the consumers to adopt solar panels at a cheaper price and the companies will benefit by investing in such solar projects.
Source
https://www.saurenergy.com/solar-energy-news/us-plans-to-invest-usd-3-8-billion-in-indias-re-infra
Our perspective
This US investment will uplift India RE along with other various sectors like agriculture, healthcare etc. An initiative like this would boost the economy and technology of the country. We believe such investments are good for the country.
