India in recent years has made significant progress in creating capacity for solar energy generation. The country’s peak power demand is expected to rise from current demand 153 GW to about 690 GW by 2035-36. The unit costs of solar power have fallen, and solar energy has become increasingly competitive with alternative sources of energy. India has expanded its solar generation capacity from 2,650 MW of solar power generation in 2014 to over 28.18 GW by March 2019. All these efforts coincide with India’s attempt at making a transitional change from traditional modes of energy to renewable sources of energy.
The Government has taken a favorable position on promoting renewable energy in general and solar energy specifically, given India’s unique geographical advantages. This is also coupled with the opportunity that the generation of solar energy offers in terms of cost saving in our national energy bills. On the other hand, the solar manufacturers are encouraged that the government is keen on launching a scheme to invite global companies to set up mega-manufacturing plants in sunrise and advanced technology areas such as Semiconductor Fabrication, Solar Photo Voltaic cells, Lithium storage batteries, Solar electric charging infrastructure, through transparent competitive bidding.
In a nutshell, the importance of the sector cannot be understated from any point of view. The opportunity is in the indigenous manufacturing of solar panels and the export potential of this product offering. Moreover the solar industry offers massive employment opportunities in both urban and rural areas, in the upstream and downstream sections. Taking into account the growth of solar manufacturing in India, we decided to chronicle the participation and contributions of the leading players in IndustryOutlook’s fifth edition. We intend to shed light on India’s rising solar ambitions and the endeavors to overcome the challenges in order to match the global potentiality levels.
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