Government to encourage Foreign Investments: Minister

The government will protect and encourage foreign investment in the country, Power, Coal and Renewable Energy Minister Piyush Goyal said Monday. “For a new investment destination, the prerequisite is an atmosphere which makes doing business easier, consistency in policies, bankable contracts and prevalence of rule of law in the country,” Goyal said at the three-day ‘First Renewable Energy Global Investors Meet and Expo (Re-Invest)’ in New Delhi.

Germany is the partner country for Re-Invest, being attended by 2,800 delegates from 41 countries. The central theme of Re-Invest is to attract investment for the renewable energy sector.

“In terms of companies which are participating, several have committed to invest in renewable energy and these commitments total to numbers which are even more than the entire mission we have set up,” Goyal said last week. “We are looking at nearly twice the amount of interest than what our target is, more than 200 GW or 200,000 MW, with investments of $200 billion,” the minister added.

Calling for an energy revolution in the country, Prime Minister Narendra Modi Sunday said India had the strength and resources to lead the world’s fight against global warming. “If there is one country to show the world the way to combat global warming, it is India,” Modi said inaugurating the Re-Invest meet. “The way for humankind out of disaster, only India can show the way because we love nature, we worship our rivers as mother,” he added. (IANS)