Driving India's Energy Growth: Focus on Renewable Energy and Efficiency
Key Ideas
- Renewable energy, power & utilities, and energy efficiency are crucial for India's energy growth as it aims for a $5 trillion economy by 2027 and $7 trillion by 2030.
- The government's focus on renewable energy markets like solar, wind, energy storage, green hydrogen, and derivatives is essential for achieving sustainable energy goals.
- Initiatives such as developing domestic markets for green hydrogen, providing fiscal support, tax benefits, and budget allocations for creating hydrogen hubs will accelerate the shift towards cleaner energy sources.
- Improving manufacturing ecosystems, support for bio-CNG, sustainable aviation fuel, and rationalization of GST for key materials like cement and steel are key strategies to drive growth in the energy sector.
The energy sector in India is a significant driver of economic growth, with the country aiming to reach a $5 trillion economy in the next three years and $7 trillion by 2030. Renewable energy, power & utilities, and energy efficiency are identified as the primary pillars fueling this growth. The focus areas for a sustainable energy ecosystem include ensuring round-the-clock clean energy availability, building resilient power and utilities, and accelerating energy efficiency measures. The article emphasizes the importance of government support through budgetary allocations to achieve climate goals. Specific interventions across the renewable energy value chain, including solar, wind, energy storage, green hydrogen, and derivatives, are crucial for India's energy transition. The piece discusses various challenges such as supply constraints in the solar module market, the need for local manufacturing in offshore wind projects, and the development of the green hydrogen market. Policy recommendations include providing support for bio-CNG, sustainable aviation fuel, and rationalizing GST rates for key materials. The article highlights the improvements in the power and utilities sector, such as reduced AT&C losses and increased power availability in rural areas. It also calls for further efforts in areas like generation, transmission, and distribution to enhance the sector's resilience.
Topics
Utilities
Renewable Energy
Sustainability
Green Energy
Manufacturing
Energy Sector
Government Support
Economic Growth
Tax Benefits
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