Release Date: 30-Nov-2012
Renewable energy is deemed as the future of energy and India is working in that direction with its various policies. The government has planned a number of projects to be launched in the next few years that will enhance India’s renewable energy status. The research and development phase has already passed and the execution of projects is underway. With the many policies and incentive packages launched by the government to attract investment in the sector, renewable energy in India is bound to grow at an unprecedented pace. The basic infrastructure has been set up that will facilitate the future of renewable energy in the country. The installed capacity stood at close to 25 GW during October’2012.
India is one of the few countries to have set up an independent ministry to overlook the growth of renewable energy. The Ministry of New and Renewable Energy is the authority that launches the various schemes and projects to enunciate the renewable energy growth and to see that the schemes are properly utilized for the benefit of the nation. MNRE has proposed many schemes that will determine the future of renewable energy in India. These projects will establish a proper growth strategy in the future for the exploitation of the huge potential of renewable sources of energy in the country. There is a large amount of renewable energy still to be developed which will take help from the incentive schemes initiated by the ministry.
The renewable energy development program is being majorly funded by the private sector. Companies are coming up not only in the infrastructure segment and setting up of power plants but also venturing into the equipment manufacturing sector, realizing the opportunity that renewable energy holds in the future. The investor schemes driven by the government are attracting the private companies and financiers to invest in the fledgling sector which will be beneficial for the future of the renewable energy sector. The private funding in the renewable energy sector has infused more confidence about the future of the industry and given it a major thrust in association with the government investment. The private sector in the country looks at renewable energy development as more of a business opportunity and a part of their corporate social responsibility, a point that will be held in favor of the sector in the future as this will determine an even larger growth than expected.
For more information visit “India Renewable Energy Sector Analysis”