Union Minister for Power and New & Renewable Energy, R. K. Singh, on Thursday underscored the significance of India’s manufacturing industry on the global stage. Addressing the Media Festival of Manufacturing 2024, he urged Indian manufacturers to embrace global competition and produce goods not just for the domestic market but also for global consumption.
He highlighted the global trend of “China plus one,” indicating an opportunity for India to become the alternative manufacturing hub.
Singh stressed the importance of quality and competitiveness in global markets, emphasizing that outdated or low-quality products with high prices would not suffice.
He acknowledged the historic challenges faced by the manufacturing sector but noted the significant government investments made in the power sector over the past decade. He outlined plans for further investment, indicating a commitment to doubling the power sector’s size by 2030 to meet the growing demand for energy in India.
Singh emphasized the need for both thermal and renewable energy capacity expansion to ensure energy security and support economic growth. He highlighted the government’s efforts to improve the viability of distribution companies (discoms) and reduce losses in the power sector.
Regarding renewable energy, Singh acknowledged the limitations of solar power at night and the high cost of storage. However, he announced plans to invest in storage capacity, including bids for 4,000 MW of storage capacity and the initiation of 50 GW of Pumped Storage Projects.
The 2nd edition of the Festival of Manufacturing celebrated the progress made in India’s manufacturing sector over the past decade as part of the “Make in India” initiative.