- India is the fourth largest importer of oil and the 15th largest importer of petroleum products and LNG globally. The increased use of indigenous renewable resources is expected to reduce Indiaâs dependence on expensive imported fossil fuels.
- The government is playing an active role in promoting the adoption of renewable energy resources by offering various incentives, such as generation-based incentives (GBIs), capital and interest subsidies, viability gap funding, concessional finance, fiscal incentives etc.
- The National Solar Mission aims to promote the development and use of solar energy for power generation and other uses, with the ultimate objective of making solar energy compete with fossil-based energy options.
- The objective of the National Solar Mission is to reduce the cost of solar power generation in the country through long-term policy, large scale deployment goals, aggressive R&D and the domestic production of critical raw materials, components and products.
- Renewable energy is becoming increasingly cost-competitive compared to fossil fuel-based generation.
- Wind energy equipment prices have fallen dramatically due to technological innovation, increasing manufacturing scale and experience curve gains.
- Prices for solar modules have declined by almost 80% since 2008 and wind turbine prices have declined by more than 25% during the same period.
- The government has created a liberal environment for foreign investment in renewable energy projects. The establishment of a dedicated financial institution â the Indian Renewable Energy Development Agency, makes for renewed impetus on the promotion, development and extension of financial assistance for renewable energy and energy efficiency/conservation projects.
Reasons to Invest
- India has the fifth largest power generation portfolio worldwide with a power generation capacity of 271.722 GW.
- Economic growth, increasing prosperity, a growing rate of urbanisation and rising per capita energy consumption has widened access to energy in the country.
- Current renewable energy contribution stands at 77 GW of the total installed capacity of 271.722 GW in the country as on 31.03.2015.
- Wind energy is the largest renewable energy source in India. The Jawaharlal Nehru National Solar Mission aims to generate 1,00,000 MW of solar power by 2022, creating a positive environment among investors keen to tap into Indiaâs potential.
- The country offers unlimited growth potential for the solar PV industry.