Massive Investment Activity Gives Push to Indian Renewable Energy Sector
Expected to grow at a CAGR of 17.33 percent between FY16-20, the country's total installed renewable power generation capacity has gained massive momentum. An amalgamation of the Indian Government's increased support and improved economics has provided a massive push to the sector.
India is gradually moving towards becoming self-sufficient in terms of energy demand, which is expected to reach 15,820 TWh by 2040, renewable energy is set to play an important role. The Indian government is aiming to achieve 227 GW of renewable energy capacity (including 114 GW of solar Icapacity addition and 67 GW of wind power capacity) by 2022, more than its 175 GW target as per the Paris Agreement. The target is to reach renewable energy capacity of 500 GW by 2030.
With a potential capacity of 363 GW and with policies focused on the renewable energy sector, Northern India is expected to become the hub for renewable energy in India.
According to the data released by Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in the Indian non-conventional energy sector stood at $ 9.68 billion between April 2000 and September 2020. More than US$ 42 billion has been invested in India's renewable energy sector since 2014.
With increased investment, the number of startups in the sector have also seen a sharp rise. Irrespective of the sector, a host of innovative startups have sprung up. The current edition of StartupCity shines the spotlight on startups in the green energy sector.
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