Given the recent focus and announcements by the Prime Minister, the industry expects a highly progressive and growth-oriented Budget for the sector with a balance of spending and policy focus.
The announcement made at Glasgow clearly shows that India needs to fast- forward its efforts to reduce its dependence on fossil fuels and boost its capacity for green energy generation using the power of wind, solar, and water. Today, renewable energy (RE) sources such as solar and wind have become extremely price competitive, and in line with coal or gas-powered power at low penetration levels.The sector has witnessed increasing investor confidence over the years. However, in order to achieve the ambitious target of 500 GW by 2030, India will need to increase its current installed RE capacity by more than three times, which would require new investment of a whopping $500 billion.
