India currently relies heavily on coal for its mass consumption of energy. Even though the country’s renewable energy capacity represents 11% of the global installed power capacity, for India it is not enough. The ministry for New and Renewable Energy has recently announced an investment of $37 billion in green energy generation, which should add up another 17,000 MW in the next 6 years.
The money promised by Obama will come from government stimulus funds designed to boost the economy during the recession. According to the president, about 5,000 new jobs will be created due to these investments.