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India is a favoured destination for investments in renewable energy

According to reports, India has received an investment of about Rs. 4900 crore through FDI in the renewable energy sector during the last three years and the current year, minister for renewable energy said in response to a question in the parliament.

Farooq Abdullah said that the country received maximum FDI inflows of Rs 2,872 crore in 2009-10 and a recent report by independent consultants Ernst & Young had ranked India as the 3rd best investment destination in Renewable energy sector, next only to China and USA.

The Minister said that FDI up to 100% under the automatic route is permitted in Renewable Energy Generation and Distribution projects subject to the provisions of the Electricity Act, 2003.

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