$100 Billion Investment Likely in Renewable Energy in 4 Years: Piyush Goyal

New Delhi: The government is expecting $100 billion investment in the renewable energy sector in the next four years as it firms up a new policy framework for the same.

"We expect $100 billion in the renewable energy sector in the next four years," Power, Coal and Renewable Energy Minister Piyush Goyal said today at Economist India summit.

He also said the government expects $50-60 billion investment in power transmission and distribution in the next four years.

The government is working on a renewable energy policy to attract investments in the space by providing tax breaks and cheaper loans.

The Power Ministry is focused on providing 24x7 electricity to households in the next five years.

Commenting on demand for imposing anti-dumping duty on solar panels at another event, he said: "We had ambitious plans in the solar power sector. Imposition of anti-dumping duty will kill the solar mission.

"Imposition of any such duty would have led to escalation in the tariff from solar plants," Mr Goyal said at another event today.

He said domestic solar panel manufacturers have 'suo-moto' withdrawn their plea for such a duty.

Imports were necessary as the domestic manufacturing had not scaled up to a level wherein it could provide the required number for solar mission, he said.

"We ensured within the framework of WTO to provide adequate support to not only fulfil the current manufacturing potential but also plan for a five year significant ramp up from what they (domestic manufactures) have now, " Mr Goyal added.

The minister had earlier said domestic solar equipment manufacturing capacity of 700-800 MW is not sufficient to meet the government's ambitious plans of adding more power generation capacity through renewable energy sources.

The country's current installed solar capacity exceeds 2,600 MW.

Earlier in May, the Ministry of Commerce under the UPA regime had recommended imposing a restrictive duty in the range of $0.11-0.81 per watt on solar cells imported from the US, China, Malaysia and Chinese Taipei in a move to protect the struggling domestic industry.

The recommendations were against the backdrop of US dragging India to the WTO (World Trade Organisation) with respect to domestic sourcing norms for the national solar mission.