At the 8th Annual India Investment Forum, Farooq Abdullah, minister of new and renewable energy said that the renewable energy scenario in India is buoyant and promising and in the next year alone, India plans to add over 3 GW of renewable energy capacity with an investment opportunity of over US $6 billion. The minister pointed out that a recent report by Ernst & Young in May 2011 ranked India as the third best investment destination in renewable energy sector, next only to China and the US, called upon the entrepreneurs and stakeholders to join together in this effort.
Dr Abdullah invited the US companies also to invest in manufacturing in India. He said India’s large solar demand will provide the committed market and its excellent manufacturing ecosystem, technical skills and cheap labour will help make manufacturing profitable and successful.
During his keynote address, minister of commerce, industry and textiles, Anand Sharma spoke about India’s push to become a hub for manufacture of advanced electronics components and products through a slew of new initiatives. He emphasised the need for India and the US to collaborate in the field of education and appreciated the strengths of the United States in developing institutions of excellence in education and research.