The commercial and industrial (C&I) segment in India is expected to add 1,875 megawatt (MW) of new capacity in 2021, an increase of 47 per cent compared to the previous year
India’s 450 GW renewable energy target will be largely supported by solar energy, which will contribute almost 300 GW towards the target which is to be achieved by 2030, Amitesh Sinha, joint secretary, Ministry of New and Renewable Energy said.
Speaking at a virtual event organised by the industry body, the Associated Chambers of Commerce and Industry of India (ASSOCHAM), Sinha added, “India needs to add about 25 GW of solar energy capacities every year… Apart from this, we are also moving towards a green hydrogen ecosystem.”
Sinha further said that the country has a clear road map on the part of demand visibility, adding that the government was now focusing its attention on how manufacturing equipment can be supplied and how India can become self-reliant in this sector.
“The earlier efforts were not encouraging to the solar equipment manufacturers. Now, with the government deciding to impose 40 per cent basic customs duty on solar modules and 25 per cent on solar cells from 1 April 2022, imports would become more expensive and local manufacturing would be encouraged,” he added.
Bhagwant Khuba, Minister of State for renewable energy, said that almost two-third of the 450 GW target will come from solar, which was a huge opportunity for businesses to tap the sector for the next nine years.
“India, till recently, was only importing the solar power manufacturing equipment to generate solar power, however, a lot has changed since then,” said Khuba.
Vineet Agarwal, managing director of TCI and president, ASSOCHAM said that indigenous manufacturing of the equipment will reduce the recurring forex outgo by $2.5 billion to $5 billion per annum to meet the projected demand of 450 GW by 2030.
He added that it would create 50,000 direct and 1.25 lakh indirect jobs, along with opportunities for MSME’s in the associated supply chain.
The commercial and industrial (C&I) segment in India is expected to add 1,875 megawatt (MW) of new capacity in 2021, an increase of 47 per cent compared to the previous year as per a report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research.
