Davos (Switzerland), January 21 (ANI): At the ongoing Davos summit, the head of the Indian Renewable Energy Development Agency (IREDA), Pradeep Kumar, on Wednesday said that a strong clean energy system built by the Indian government over the last decade is now a model for the rest of the world. Speaking at the World Economic Forum, he highlighted that India has created a perfect environment for international companies to invest in green power projects.

Explaining the success of the Indian model, the Chairman & Managing Director (CMD) of the Indian Renewable Energy Development Agency Ltd. (IREDA), Pradeep Kumar, said, 'We have come here to share the information, the ecosystem which the government of India has built in the last 10-11 years, in particular. The way renewables have grown in India over the last decade, and more, is an example for any global player to learn from the ecosystem the government of India has built. The CAGR (Compound Annual Growth Rate) over the last five years is 22.5 per cent. We will not find such a CAGR growth in any industry. Many foreign investors are investing in India, and IREDA is the leading agency for RE financing in the country. We are the largest pure-play green finance company in the country.'

Meanwhile, Union Minister Ashwini Vaishnaw on Wednesday said that while India is in constant touch with major world powers, the World Economic Forum is primarily a forum for sharing ideas rather than for formal group-to-group trade meetings.

On being asked if India will be having a meeting with the US delegation, Ashwini Vaishnaw said, 'The format of Davos is a format where we generally do panels and bilaterals. The trade meetings take place according to the country's own schedules and negotiations. They are deeply engaged with all the major economies on practically all fronts at this point in time. This is not the forum in which we meet delegation to delegation.'

The progress of the Indian economy under the leadership of Prime Minister Narendra Modi has become a top subject of debate among world leaders in Switzerland. Union Minister Ashwini Vaishnaw on Wednesday (Indian Standard Time) shared that the Indian team is present at all major meetings to explain how the country is combining modern technology with fair growth for all citizens. (ANI)