The government’s concerted efforts have resulted in a significant upsurge in power generation from renewable energy sources pan-India.
As one of the world’s leading energy consumers, there are few countries that can rival India’s pressing need to embrace renewable resources to drive its economic growth. Blessed with ample sunlight for most parts of the year and a long coastline, the potential for harnessing this sustainable energy resource in India is virtually limitless.
Recognizing this potential, the dedicated Union Ministry of New and Renewable Energy, assisted by a number of state nodal agencies, has been working tirelessly to enhance India’s global position in the proliferation of sustainable resources. Working in close coordination with various NGOs and village development societies, the ministry has ensured the spread of RE programmes to every corner of the country.
The setting up of a separate agency – Indian RE Development Agency Limited (IREDA) – which provides term loans for various RE projects has been an important milestone in this process.
Today India has become one of the world leaders in terms of its extensive RE projects. Power generation from renewable energy sources has increased significantly as a result of these efforts. India today is a leading player in terms of its total installed wind power capacity and decentralized solar energy projects.
As part of its roadmap for the future, the Ministry of New And Renewable-Energy is working to replace subsidy-driven programmes with commercialization of various technologies. Emphasis has been put on increasing the efficiency of renewable technologies. Tax concessions and soft loans have been introduced to encourage such enterprises.
The ministry has also directed the states to create an easy and attractive passage for the purchase of RE technologies. Some states are in the process of providing tax exemptions to promote renewable resources and have announced measures pertaining to allotment of land, garbage supply, sale and purchase of power to encourage setting up of waste to energy plants.
Financial aid is being provided to educational institutes and industries taking up research projects in the area of renewable-energy. Encouraged by the government’s multi-pronged initiatives, several global majors are now making a beeline to form joint ventures with domestic RE companies to set up RE-based energy projects here.
Given the increasing focus on RE projects, the RE market in India is expected to grow significantly in the years ahead, putting it in the front row of countries that have adhered to their promise of supporting renewable-energy for a better tomorrow.