India’s solar energy sector is undergoing a remarkable transformation, propelled by government policies. Prime Minister Narendra Modi recently announced a massive initiative to install solar panels on one crore houses, aligning with other policy measures and decreasing input costs that benefit the domestic solar industry.
The installed solar capacity in India has skyrocketed from a mere 10 MW in 2010 to a whopping 73.32 GWAC in 2023, representing a monumental 7,332-fold increase. This growth is further amplified by a 45% plunge in solar panel prices over the past five years, making solar energy increasingly attractive to both businesses and individuals.
The Indian government is playing a pivotal role in this solar surge, with initiatives like the National Solar Mission and the Production Linked Incentive (PLI) scheme driving the country towards its ambitious target of achieving 500 GW of renewable energy capacity by 2030. India’s solar energy achievements extend beyond impressive numbers; globally ranking fifth in solar PV deployment, with solar electricity generation witnessing a significant 39% jump in 2022-23.
WHY SOLAR?
India has set an ambitious goal to reduce the carbon intensity of its economy by less than 45% by the end of the decade. Committed to achieving 50% cumulative electric power from renewables by 2030, India aims for net-zero carbon emissions by 2070, positioning itself as a global leader in sustainable development. Solar energy, given its demand and potential for development, is expected to play a vital role within the renewable energy sector in India.
INDIA’S OWN BLESSINGS
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IMPORTANT JARGON
TRANSITIONING SFBs TO UBs: RBI’s NEW GUIDELINES - The Reserve Bank of India recently issued new guidelines outlining the transition process for Small Finance Banks (SFBs) to become Universal Banks (UBs).
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