India’s market in the renewable energy sector has been spreading at a great pace due to increased demand for energy, as a result of the rising population daily. As per the statistics found out by India Brand Equity Foundation the estimated growth in the consumption of power is likely to be around 15280 TWh by the year 2040 and the reports given by Niti Aayog suggest that India’s energy demand is estimated to grow by a CAGR of nearly 3.7%-4.5% and 5.4%-5.7% respectively till 2047, the pressure on natural resources to fuel the demand would only rise in the future.
Also India consumes of only 6% of the world’s total accountable primary energy resources. Moreover, nearly 304 million people still have no access to electricity in the country whereas 800 million people don’t get proper cooking fuels as well. Such estimates have made the government to set up high targets for the proper quality of life to its citizens and aiming a target of 225 GW by the year 2022.
As of April 2019, the total accountable renewable power installed capacity is about an estimate of 78.35 GW. Off grid renewable power capacity has also risen. With a potential capacity of 363 gigawatt (GW) and with policies focused on the renewable energy sector, Northern India is expected to become the hub for renewable energy in India.
Thus, India is trying to expand its boundaries in the field of renewable energy by aiming high targets and introducing new policies & schemes for this and also administering its proper implementation.
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