Investment in clean energy mitigated impact of West Asia crisis: PM Modi

Prime Minister Narendra Modi has stated that if India had not invested in renewable energy and the necessary infrastructure and systems over the last decade, the impact of the West Asia crisis would have been much more severe in India compared to other countries in the world. He made these significant remarks while addressing the inauguration of the 'India Renewable Energy Summit and Expo 2026' in New Delhi on Monday, November 2, 2026.

According to a report by The Hindu, PM Modi highlighted the state of the Indian economy and said that despite this crisis, India's economy is growing continuously. Using the example of the West Asia crisis, he explained that energy security is directly linked to economic security and the future of energy security depends on clean energy. He warned that over-reliance on fossil fuels could increase risks in the face of global instability.

To attract potential investors, the Prime Minister stated that by the end of this decade, India's renewable energy sector will offer investment opportunities worth approximately $220 billion. According to a Business Standard report, while explaining the uniqueness of the Indian market, he said that no other part of the world offers the scale, reach, and demand along with the political and policy stability found in India.

Speaking about the next phase of the solar revolution, PM Modi emphasized that the upcoming phase will be based on innovation. He drew attention to the opportunities in indigenous manufacturing of necessary hardware and battery storage systems, as well as capacity building. Presenting his vision, he said, "We should create a dynamic environment where the country's middle class has the option of electric vehicles and they can charge their scooties, bikes, or cars with solar-based energy. This will help them save a lot of money."

The Prime Minister further added that the country also needs solutions that can promote the use of solar technology in the dairy sector, animal husbandry, and agriculture. Presenting statistics on the progress of India's solar sector, he stated that in the last decade, India's solar module production has increased from 2 gigawatts (GW) to 200 gigawatts (GW), while the capacity to manufacture solar cells has increased to approximately 40 gigawatts (GW). He said that they are now working on increasing the indigenous production of other components.

Stating that India is striving to achieve a lot in a very short time, PM Modi called for not stopping here. He said that we should connect every government building, school, college, hospital, and the entire street lighting network with solar energy at a very fast pace. He suggested that there should be healthy competition among states and local self-government bodies regarding their performance in adopting renewable energy, so that the best performers are encouraged and others follow their lead.

The Prime Minister shared an important figure, stating that currently, approximately 44,000 government buildings in India are powered by solar energy, resulting in a total annual saving of approximately ₹700 crore.