India is currently the seventh-largest economy, placed between France and Italy and houses the largest democratic population in the world. India’s 1.3 billion population is second largest behind China and according to World Economic Forum, by 2050, India’s economy is projected to be the world’s second-largest behind China.
Specifically, if we look at energy affairs, India has been one of the countries who has adopted ambitious renewable capacity expansion programs. The country agreed to adopt the Paris Agreement to reduce carbon emissions and achieving 40% of its total electricity generation from non-fossil fuel sources by 2030. In addition, India has established new institutional ties with IEA, despite knowing that it may affect its growth engine, potentially losing out on being at par with China. A big advancement in this direction was the addition of India as by the International Energy Agency (IEA) as of the Association Country in 2017. There are seven IEA Association Countries currently.
Sources of Power Generation in MW
*Installed capacity in respect of RES (MNRE) as on 30.06.2018. | Source : Central Electricity Authority (CEA) | RES (Renewable Energy Sources) include Small Hydro Project, Biomass Gasifier, Biomass Power, Urban & Industrial Waste Power, Solar and Wind Energy.
The country’s policy makers face the daunting task of meeting the rapid growth of energy demand, so as to not stifle the strong economic growth, while at the same time ensuring that the growth is sustainable and equitably shared among its vast population. To combat this, in 2015, the Planning Commission National was restructured as an Indian policy think-tank organisation, re-named as Institution for Transforming India (NITI Aayog), which now monitor the energy policy landscape and come out with recommendations for the different Ministries.
Amongst the emerging economies, lately the focus has shifted on India. The country is still heavily dependent on old-age and polluting fossil fuels to meet its energy requirements. As a market, India provides huge potential and opportunities in the adoption of clean technology. It is at a cusp of a radical change in its attitude and the energy policies are being put in place to facilitate the adoption of efficient and clean energy solutions. Panitek understands this and is uniquely positioned to help India in this transformation.