Renewables will Power the New India

As India transforms into an economic powerhouse, it needs to plan well and address the challenges around green energy

- BY RAHUL MUNJAL

Being home to almost 18 per cent of the world’s population, India’s economic growth is of global interest. Latest studies indicate that a young workforce, strong manufacturing sector and rapidly growing digital economy will enable India to witness a sustained GDP growth of 7.5-8 per cent. India’s consumption levels are poised for exponential growth as well with per capita income increasing sixfold. Moreover, as the world gears up to combat the looming threat of climate change, all eyes are on how a rapidly growing India develops its energy sector. The size of India’s grid is expected to expand to almost 2,300 GW by 2050 as per capita consumption of electricity catches up with the world’s average. Maintaining this growth trajectory, while addressing energy security will depend on affordable and reliable clean energy. And the signs are extremely encouraging. India’s wind and solar capacity has quadrupled to 100 GW in a decade, and the cost of power generated from wind and solar is amongst the lowest in the world, thereby making India one of the most attractive destinations for clean energy investment.