DFC plans to invest $3.8 billion to bridge India’s renewable energy gap, partnering with USAID to boost women’s economic participation.
India, with 80 percent of its 1.4 billion population relying on traditional fuels like coal and oil due to low-income factors, faces severe challenges to buy solar modules. In response to this, the government announced plans to expand the production of solar panels by 2030.
As of 2023, it only has 4GW of operational solar cell manufacturing capacity, falling short of the needed 35GW annually. To bridge this gap, the United States Development Finance Corporation (DFC) plans to invest $3.8 billion to bolster India’s domestic production of solar panels, fostering local employment.
Since, DFC is committed to ensuring over 60 percent of its workforce comprises women, contributing to gender empowerment and economic growth. DFC collaborates with the US-India Alliance for Women Economic Empowerment. An organization run by partnership between State Department, USAID, USISPF, and George Washington University to promote gender equality in the workforce.
During the event on ‘Indo-US Space Co-operation’ in Mumbai, US Ambassador, Eric Garcetti announced that the United States International Development Finance Corporation is investing $3.8 billion to meet India’s renewable energy and infrastructure goals. This investment aims to support not only renewable energy and infrastructure but also agricultural, healthcare and financial services. He also shared that the US-India Alliance for Women’s Economic Empowerment is growing with new partners.
Gracetti also expressed his delight in the growth of the US-India Alliance for Women’s Economic Empowerment, focusing on advancing women’s economic security in India. He also stressed on the need to deepen city-level connections, accelerate partnership with the US in infrastructure, healthcare, technology, and energy so as to become a part of global progress. He concluded with a call to envision brighter possibilities, drawing inspiration from the stars and the power of collaborative constellations.
